The New York State Department of Financial Services (NYDFS) granted the cryptocurrency trading company

The New York State Department of Financial Services (NYDFS) has granted cryptocurrency trading company Cumberland BitLicense, allowing it to operate as a virtual currency company.

In a June 17 announcement, Cumberland said it plans to establish “strong commercial relationships with institutional counterparties in New York” with BitLense. The company is one of 33 companies listed on the NYDFS website to hold a license, although it claims to be “one of the only large commercial companies” to hold it.

Since 2015, cryptocurrency companies operating in New York State have largely been required to apply for a BitLicense to offer products and services. Some critics, including New York City Mayor Eric Adams, have suggested abandoning the program, saying it stifles innovation and economic growth.

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New York authorities are suing Genesis Global Trading and cryptocurrency company Gemini for allegedly defrauding investors through the Gemini Earn program. In January, Genesis agreed to pay $8 million and relinquish its BitLicense as part of a deal with NYDFS. The New York Attorney General’s Office also reached an agreement with Genesis and Gemini, banning the companies from operating in the state and operating a cryptocurrency lending service, respectively.

Before the United States Securities and Exchange Commission authorized the listing and trading of the Bitcoin Spot ETF (BTC) in January, Fidelity selected Cumberland as one of the companies trading Bitcoin for the vehicle. ‘investment. The company operates in North America, Europe and Asia.

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