Payment Platform Square Receives Virtual Currency License From the State of New York

The New York Department of Financial Services (DFS) has granted a virtual currency license to Square, Inc. The DFS announced the news via a press release earlier today.

“DFS is pleased to approve Square’s application and welcome them to New York’s expanding and well-regulated virtual currency market,” explained DFS Superintendent Maria T. Vullo in a statement.

“DFS continues to work in support of 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.”

The regulatory authority claims they completed a “comprehensive review” of Square’s application and were satisfied with the firm’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies.

Square is one of the world’s most popular payment processing platforms. The company makes hardware that allows retailers to accept credit cards and contactless payments. Square software, meanwhile, provides everything from payment processing to financing and business analytics.

In the virtual currency industry, Square is best-known for Cash App, which provides users with a range of financial services – including an easy way to buy and sell bitcoin. Anyone can download Cash App for iOS or Android, then seamlessly purchase bitcoin through the app.

Genesis Reveals Partnership with Square After DFS Announcement

After the New York DFS announced the approval of Square’s virtual currency license, cryptocurrency trading giant Genesis Global Trading officially announced revealed their partnership with the payment platform. In fact, Genesis Global Trading revealed that they had been working with Square for over a year.

Meanwhile, Barry Silbert, founder and CEO of Digital Currency Group (the parent company behind Genesis), tweeted:

The New York Department of Financial Services has now approved nine companies for virtual currency charters or licenses. Other firms granted a virtual currency license from the DFS include Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, XRP II, and Circle Internet Financial.

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