NYDFS Approves BitLicense for Fintech Lender SoFi, Allowing Six Crypto's To Be Traded

    The SoFi Invest platform started offering cryptocurrency services to consumers in September, but there’s been one elusive group in the US – New York citizens. Though only 23 companies have been approved for the BitLicense required for crypto services in the state, SoFi just became #24.

    • A BitLicense is required for cryptocurrency services to be offered by any business in New York.
    • Presently, platforms that secure a BitLicense can offer services for Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and Stellar Lumens.

    In New York, the only way to operate any kind of cryptocurrency platform is to get approved for a BitLicense, which is handled through the New York Department of Financial Services. The process to get approved has been lengthy since the policy was implemented. However, a new press release from the NYDFS shows that SoFi Digital Assets has been approved for a BitLicense. SoFi Digital Assets is a fully-owned branch of SoFi.

    The approval allows SoFi Digital Assets to secure both a BitLicense and a money transmission license. With this approval, the company has become the 24th businesses to get approval from the NYDFS for their cryptocurrency activities. The licenses show that the company can operate buy and sell services involving Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, and Stellar Lumens, specifically to the residents of New York.

    Anthony Noto, the CEO of SoFi, stated that the company felt “thrilled” over the opportunity to offer crypto trading services within the state. He stated, “Putting our members’ interests first is our top priority at SoFi. That includes both offering individuals the products they want, like cryptocurrency within SoFi Invest, as well as protecting them, through a solid regulatory framework like that created by the New York State Department of Financial Services.”

    In an announcement earlier this year, SoFi had already stated that they were looking to provide their customers with cryptocurrency services, around the same time that they partnered with Coinbase.  Information was not readily available about the potential cryptocurrencies that would be listed on the platform, though Cheddar reports that the crypto trading services started being offered on the SoFi Invest platform in September, when they only had access to Bitcoin, Litecoin, and Ether.

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    Krystle M
    Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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