New York Department Of Financial Services Awards BitLicense to Crypto Exchange BitPay

New York Department Of Financial Services Awards BitLicense to Crypto Exchange BitPay

cryptocurrency exchange News
July 17, 2018 by Sandra Onyeiwu
1210
Another BitLicense application has been approved. The Department of Financial Services (DFS) based in New York granted a license to cryptocurrency exchange Bitpay on Monday. BitPay is a global bitcoin payment service provider headquartered in Atlanta, Georgia. It provides bitcoin and Bitcoin Cash payment processing services for merchants and is one of the largest bitcoin
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Another BitLicense application has been approved. The Department of Financial Services (DFS) based in New York granted a license to cryptocurrency exchange Bitpay on Monday.

BitPay is a global bitcoin payment service provider headquartered in Atlanta, Georgia. It provides bitcoin and Bitcoin Cash payment processing services for merchants and is one of the largest bitcoin payment processors.

The license was granted after a review of the company’s anti-money laundering, anti-fraud, cybersecurity and consumer protection policies.

The move will allow BitPay to offer clearing and settlement services to merchants who will accept or issue payment in Bitcoin. And also it will allow BitPay to do business with customers and companies based in the state.

CEO of BitPay, Stephen Pair stated:

“New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”

According to the DFS, BitPay is the first virtual currency wholesale payments processor to be approved for a license. Financial Services Superintendent Maria T. Vullo said:

“DFS welcomes BitPay to New York’s expanding and well-regulated virtual currency market. We continue to work to support a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.”

BitPay is the eighth company to receive a BitLicense from the NYDFS, joining other crypto-related firms such as Square, Genesis Global Trading, bitFlyer USA, Coinbase, XRP II and Circle Internet Financial.

 

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