Genesis Global trading, the digital currency Group and Over-the-counter (OTC) cryptocurrency declared that Genesis was presently permitted the New York state Bitlicense on May 17. The firm that offers answers to institutional buyers can run in New York freely now- a location known as “the financial capital of the world”, as Genesis targets to offer important BTC, BCH, ETC, LTC, ZEC, XRP and ETH liquidity in the state.
New York State Grant DCG Backed Genesis Global Trading Bitlicense
Genesis Global Trading has declared the company been given the Bitlicense, and the company will be permitted to run in New York alongside other approved firm the likes of Coinbase, Itbit, and Circle. The company was granted and provided with the Bitlicense by the New York Department of Financial Services (DFS)- which permitted the firm to trade the different virtual currencies it contains amongst its institutional investors. The firm operated under the DFS “safe harbor” provision before the company was granted the Bitlicense.
In 2013, Genesis was launched and is supported by Digital Currency Group (DCG) which is a venture capital organization established by Barry Silbert. The firm is a regulated cryptocurrency OTC dealer that, “provides access to institutional investors and high net worth individuals looking to buy or sell large sums of digital currencies.” Since the company’s inception, Genesis has provided deep pools of liquidity, 24-7 trading and the same-day settlement.
CEO, Genesis Global Trading, Michael Moro that “We are very pleased that DFS has approved the Genesis Global Trading Bitlicense application”, according to NewsBitcoin.com.
The CEO further stated that “Although we have operated under a safe harbor provision in recent years, today’s decision is an important step forward and reaffirms the robust compliance measures we have enacted as an established trading partner. ” as reported by NewsBitcoin.com
More Cryptocurrency Businesses are Approved should be approved says, Barry Silbert.
In order to utilize the Genesis platform, traders have to deposit at least $75,000 USD and all clients comply with KYC and AML regulatory guidelines. The DFS has approved to procure Zcash (ZEC), Ethereum Classic (ETC), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP) and Ethereum. Genesis also notes that the company is registered with the Securities Exchange Commission (SEC) and also Finra.
Sibelt was quoted saying “Congrats to the team at Genesis Trading on being granted a Bitlicense, joining Coinbase Circle, Ripple, Bitflyer USA and Itbit”