New York issues new cryptocurrency BitLicenses
Seed CX has been given two licenses by New York regulators
The New York Department of Financial Services (NYDFS) has issued two new BitLicenses, the permit required for any cryptocurrency entity to work in the state. Both licenses were issued to the Seed CX crypto exchange, which is designed for large institutional investors. With the state’s approval, Seed CX is now in a better position to attract deep-pocket entities in the large financial hub of New York City.
Seed CX was given one license for its Seed Digital Commodities Market subsidiary and another for its Zero Hash subsidiary. Zero Hash was also given a license to operate as a money transmitter business from the NYDFS that allows it to custody and settle fiat.
NYDFS Superintendent Linda A. Lacewell said in a statement, “We are pleased to have approved over 20 virtual currency businesses, and welcome Seed Digital Commodities Market and Zero Hash to New York’s growing virtual currency marketplace. The Department’s approval of these new licenses will provide institutional customers with more choice while also protecting consumers and the public through strong anti-money laundering, cybersecurity and other compliance standards in a continuously evolving global financial services marketplace.”
Seed CX CEO and co-founder Edward Woodford adds, “Being granted two virtual currency licenses by the New York Department of Financial Services marks the next step in our growth to becoming the leader in institutional trading of digital assets. As virtual currency license holders we will be able to expand trading and settlement services to New York firms through our institutional platform that offers the strong institutional technology, the operational support, and the regulatory compliance that institutions demand.”
The NYDFS has now issued a total of 21 licenses since beginning its program almost four years ago.