BitPay Crypto Payment Processor Receives New York’s BitLicense Approval
BitPay Receives BitLicense from the New York and Becomes the 8th Company with the Approval
The famous cryptocurrency payment processor known as BitPay, has received the BitLicense provided by the New York Department of Financial Services (NYDFS). This is the 8th company that receives the permission to operate in the state, one of the most restrictive places where to run a crypto-business.
The information has been released on monday by the NYDFS. The application has been reviewed and analyzed, and the company located in Atlanta will now have the BitLicense approval. The company had to pass a ‘comprehensive review’ on anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies.
Financial Services Superintendent Maria T. Vullo commented on the matter:
“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.”
Starting on July the 16th, BitPay will be processing crypto payments for those merchants and residents located in New York. At the same time, the company will now be able to issue crypto-funded debit cards in the state. BitPay supports Bitcoin (BTC) and Bitcoin Cash (BCH) two of the most important virtual currencies in the market.
Indeed, New York states has a very strict policy about businesses operating in its jurisdiction. Stephen Pair, CEO of BitPay explained:
“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.”
BitPay has become the 8th company receiving the BitLicense in the country. But it seems that the agency is becoming more comfortable with more enterprises being able to work in the state. Other important companies approved by the NYDFS are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple, and Circle. Companies like Gemini and Paxos received some permissions but not the full license.
— BitPay (@BitPay) July 16, 2018