CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • Fund
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$35,861.00
  • ethereum
    ETH$1,241.88
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    Home » Crypto News » New York Financial Watchdog Approves Bitcoin and Other Cryptos for Custody and Trading

    New York Financial Watchdog Approves Bitcoin and Other Cryptos for Custody and Trading

    Author: Jordan Lyanchev

    Last Updated Aug 10, 2020 @ 09:46

    The New York State Department of Financial Service has licensed eight cryptocurrencies for sale and trading and ten for custody.

    Following a recent update, the New York State Department of Financial Services (NYDFS) has approved eight cryptocurrencies for sale and trade and ten digital assets for custody by licensed entities.

    NYDFS License Cryptocurrencies For Trading And Custody

    In the latest update posted, the NYDFS has outlined the importance of regulating all assets available for purchasing and trading in the state. The department responsible for regulating financial services and products has been exploring multiple cryptocurrencies as already numerous entities are licensed to operate in New York State.

    Eight digital assets have received approval for listing and trading as of August 3rd. Those are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance USD (BUSD), Gemini Dollar (GUSD), Pax Gold (PAXG), and the Paxos Standard Token (PAX). In addition to all of those, Ripple (XRP) and Ethereum Classic (ETC) have been approved for custody.

    However, the department could change its mind and delist each token at any time:

    “The DFS (department of financial services) may, at any time and in its sole discretion, prohibit or otherwise limit a coin’s use before or after a VC Entity begins using a coin; require that any VC Entity delist, halt, or otherwise limit or curtail activity with respect to any coin; remove any coin from the Greenlist; refrain from placing any coin on the Greenlist; or discontinue the Greenlist process entirely.”

    New York City. Source: LovelyPlanet
    New York City. Source: LovelyPlanet

    Licensed Entities And History

    The NYDFS began regulating organizations within the digital asset field more than five years ago under the New York Financial Services Law. Since then, the so-called “BitLicense” has worked to “ensure that New Yorkers have a well-regulated way to access the virtual currency marketplace and that New York remains at the center of technological innovation and forward-looking regulation.”

    The department has also explained the thorough processes each entity needs to pass to receive the proper license. Those include comprehensive documentation on how it plans to maintain, monitor, and assess the risks associated with dealing with cryptocurrencies.

    According to the latest update of regulated entities operating in NYS from June 19th, 2020, there’re 25 licensed organizations. Some of the most popular companies include Bakkt, Bitflyer, Bitpay, Bitstamp USA, Coinbase Custody Trust, Coinbase Inc, Fidelity Digital Asset Services, Gemini Trust Company, Paxos Trust Company, Robinhood Crypto, Square, and Xapo.

     

    Enjoy reading? Please share:
    Facebook Twitter LinkedIn Telegram
    SPECIAL OFFER (Sponsored)
    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

    You Might Also Like:

    • huobi
      Huobi Futures To Launch Bitcoin Options Trading From Sepmtember 1st
    • bitcoin_open_interest_cover
      Bitcoin Futures Open Interest at 1-Month High
    • BidenTrumpBitcoin
      Trump Or Biden? Max Keiser Explains Why Bitcoin Will Be The Ultimate Winner After the US Elections
    Read more on: Bitcoin Ethereum Regulations United States

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$35,861.00
  • ethereum
    ETH$1,241.88
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    ADVERTISEMENT
    binance
    Bitcoin Editorials
    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    Ethereum 2.0 Staking on Exchange vs. Creating Your Node: What You Need to Know

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    5 Possible Reasons For Bitcoin’s Price Surge Over $30,000

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    2020 Year In Review: Bitcoin’s Journey From $3800 To Nearly $30K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    6 Reasons For The Ongoing Bitcoin Bull-Run Beyond $20K

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Is Blockchain The Answer To COVID-19 Led Misinformation and Rumor Mongering?

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    About
    Advertise on CryptoPotato
    About Us | Contact Us

    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Cannabis Stocks News | Market Analysis
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!