Bitstamp’s U.S. Subsidiary Receives Virtual Currency License

Author: Dylan B
Date: 
April 11, 2019
Read time: 
2 minutes

According to an official press release from the New York Department of Financial Services, a U.S. subsidiary of Bitstamp known as Bitstamp USA Inc., which belongs to the major European cryptocurrency exchange, was recently granted a virtual currency license from New York’s financial regulator.

According to an official press release from the New York Department of Financial Services, a U.S. subsidiary of Bitstamp known as Bitstamp USA Inc., which belongs to the major European cryptocurrency exchange, was recently granted a virtual currency license from New York’s financial regulator.

Considering it has managed to meet the strict regulations set forth by New York, we should expect Bitstamp to continue to grow as it seeks to move into new countries.

This approval makes Bitstamp USA Inc. the nineteenth firm allowed to operate in the crypto industry in the state of New York, joining large firms such as Coinbase, Square, and BitPay. This is good news for the growing giant, which had already received approval years ago for a payment institution license that allowed them to operate across all 28 countries in the European Union.

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The license that they received, known as a BitLicense, gives them the ability to let their customers buy and sell Bitcoin along with other unspecified altcoins for USD. It has also been granted the ability to, “facilitate transfers of funds onto the Ripple Network, issuing Ripple Balances in USD, other virtual currencies, and select fiat currencies, including the Australian Dollar, British Pound, Euro, Swiss Franc, and Japanese Yen.”

Considering it has managed to meet the strict regulations set forth by New York, we should expect Bitstamp to continue to grow as it seeks to move into new countries.

Posted by Dylan B

Dylan Buckley is a writer based in California. He became interested in cryptocurrency upon discovering it in 2014 and soon started investing as well as writing for a wide variety of clients and crypto-startups in the space. When he is not producing content for individuals and businesses, he is typically working on his own self-development content or making music.

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