Published on May 17th, 2018 | by bitcoin0
NY Grants License to Genesis Global Trading
Genesis Global Trading has obtained a BitLicense from the state Department of Financial Services (DFS), making it only the fifth firm in three years to receive the controversial license.
The cryptocurrency market maker, based in New York City, and DFS announced the news in separate press releases Thursday.
But the BitLicense has come in for intense criticism from cryptocurrency entrepreneurs.
Despite lacking a BitLicense prior to this week, Genesis Trading has been operating in New York under a safe harbor provision.
New York became the first state to craft a regulatory structure specifically for cryptocurrencies in 2014, and finalized the BitLicense in August 2015.