NYDFS Awards ErisX With Its First BitLicense Of The Year

By Kapil Gauhar

Eris Clearing, the clearing and settlement arm of ErisX, has been granted the hard-to-come-by Virtual Currency License from New York’s Department of Financial Services (NYDFS).

Reported Wednesday, the spot and subordinates marketplace joins a select group of notable digital crypto firms including Bitstamp, Robinhood and Coinbase as well as cryptocurrency brokerage Tagomi that have all satisfied the required NYDFS guidelines for the purported BitLicense.

Thomas Chippas, CEO of ErisX, said in a press release –

“We are pleased that the New York Department of Financial Services recognized our commitment to the high standards we borrowed from existing capital markets structures and applied them to the cryptocurrency space.”

In 2019, ErisX was additionally granted a Derivatives Clearing Organization (DCO) license from the U.S. Commodity Futures Trading Commission (CFTC) for its prospects market and clearinghouse. Subsequently, ErisX substances are authorized to work in 47 states and purviews, including New York.

Officially launched in June 2015, the BitLicense was structured by the NYDFS to give a system to organizations hoping to services identifying with Bitcoin and different digital currencies, for example, trading or custody.

The NYDFS requires any organizations directing digital currency transactions with New York residents to be licensed to work inside the state regardless of whether the organizations are based somewhere else.

Towards the finish of 2019, the BitLicense went under survey from NYDFS Superintendent Linda Lacewell, who said it was “good to take a close look” at the platforms operating in the emerging crypto industry and to mirror the progressions to the space since 2015.

Lacewell said –

“DFS continues its commitment to fostering financial innovation in New York. Today’s approval is another step in expanding virtual currency activities in the state and promoting New York’s support for financial innovation, which will be especially important as we work to reopen the economy of the world’s financial capital.”

Chippas said on this –

“Our work with regulators is always open and transparent, which allows us to build innovative products and services while still operating a compliant and safe business.”

He said –

“Having recently announced alignments with Fidelity Investments and TradeStation Crypto we look forward to welcoming New York based individuals and institutions to the spot platform now that we are able to do so.”

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.

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