Regulation
Robinhood Crypto and Libertyx have been granted licenses by the New York State Department of Financial Services. Robinhood is now authorized to offer the buying, selling and storing of seven cryptocurrencies. Meanwhile, Libertyx has become the first Bitlicensee to allow customers to use debit cards to purchase BTC from traditional ATMs in New York.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Robinhood Crypto
The New York State Department of Financial Services (NYDFS) has approved the virtual currency license applications of Robinhood Crypto Llc and Moon Inc., dba Libertyx. Robinhood has also received a money transmission license. To date, the NYDFS has approved 16 companies to offer crypto services in New York. The regulator’s announcement on Thursday reads:
[NY]DFS has authorized Robinhood Crypto to offer services for buying, selling, and storing seven virtual currencies, including bitcoin, ether, bitcoin cash, and litecoin.
Robinhood subsequently tweeted: “We just received our Bitlicense and money transmitter license for NY. Expect us to roll out crypto there over the coming months.”
The platform also supports real-time market data for BTG, DASH, LSK, XMR, NEO, OMG, QTUM, XRP, XLM, and ZEC. While noting a plan to support the buying and selling of additional cryptocurrencies, the company emphasized on its website that “supporting market data for individual cryptocurrencies does not necessarily mean we plan to add buying and selling.” Furthermore, the platform “doesn’t support ICOs at this time,” its website describes.
In addition to New York, the service is currently available in Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Massachusetts, Michigan, Mississippi, Missouri, Montana, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Texas, Utah, Virginia, Wisconsin, Wyoming, and Washington state.
Libertyx
Libertyx CEO Chris Yim described the review process to obtain a Bitlicense as “extensive,” the NYDFS quoted him as saying. The regulator elaborated:
In New York, Libertyx, which will provide consumers the sale of bitcoin through debit terminals, is the first [NY]DFS virtual currency licensee to allow customers to use debit cards to purchase bitcoin from traditional ATMs.
The company launched its first bitcoin ATM in 2014 and has been growing its network of stores where people can buy BTC. “Today we have thousands of local stores where you can walk-up and purchase bitcoin instantly,” reads its website. “Our network includes local store cashiers, standalone debit kiosks, and traditional ATMs.”
What do you think of Robinhood Crypto and Libertyx obtaining licenses to operate in New York? Let us know in the comments section below.
Images courtesy of Shutterstock and the NYDFS.
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