The European cryptocurrency exchange is the 19th company to receive the BitLicense.
Cryptocurrency exchange Bitstamp announced that it has been granted a BitLicense by the New York Department of Financial Services (DFS.) The announcement came in a press release shared with Finance Magnates.
Bitstamp is one of only nineteen companies to receive the BitLicense, including cryptocurrency exchange Coinbase and (more recently) crypto brokerage Tagomi. According to Bitstamp CEO Nejc Kodrič, the BitLicense is an important step in further establishing Bitstamp’s presence in the US, although it has already had operations there for some time, and has an office in New York.
“Having a BitLicense is also a key element in ramping up our presence in the United States, especially when it comes to working with institutional investors,” he said.
The license allows the exchange to continue its operations within the state of New York. More specifically, Bitstamp is authorized to offer trading in five Cryptocurrencies-Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple’s XRP. The exchange may add additional cryptocurrencies in the future, according to the press release.
BitLicense Has Sparked Controversy in the Past, But Bitstamp Seems to Think It’s Worth the Effort
The BitLicense has been criticized in the past for being too expensive and too logistically heavy for younger companies to attain, although, on paper, its goals seem logical enough: to protect customers, to establish regulations that prevent money laundering, and to establish cybersecurity standards.
BitLicense is officially law in NY today. Shed a tear for freedom, capitalism, and innovation. Then, comply citizen. #bitcoin#USSA
Indeed, Bitstamp’s press release said that “the DFS BitLicense requires Bitstamp to meet several stringent requirements when it comes to consumer protections.”
On the other hand, though, it also said that with the BitLicense, Bitstamp users could rest easy in the knowledge that they “are afforded the same protections as customers at traditional financial institutions.” Kodrič explained that “we’ve always embraced proactive efforts that protect the interests of both consumers and institutional investors.”
“Obtaining a BitLicense is another example of our commitment to be the most trusted digital currency exchange in the world.”
The BitLicense should bring some new users in for Bitstamp, which is continuing to grow. “Right now we are approaching 4 million users,” Kodrič said in an interview with Finance Magnates that was conducted earlier this year. “We did see exponential growth in late 2017 and early 2018. That has levelled off as the market has calmed down and we’re now once again seeing steady growth.”
The BitLicense comes amid some critical changes for the exchange, including the incorporation of Cinnober’s TRADExpress Trading System, a new WebSocket solution, a new mobile app, and the launch of a new trading interface that is expected later this month.
Cryptocurrency exchange Bitstamp announced that it has been granted a BitLicense by the New York Department of Financial Services (DFS.) The announcement came in a press release shared with Finance Magnates.
Bitstamp is one of only nineteen companies to receive the BitLicense, including cryptocurrency exchange Coinbase and (more recently) crypto brokerage Tagomi. According to Bitstamp CEO Nejc Kodrič, the BitLicense is an important step in further establishing Bitstamp’s presence in the US, although it has already had operations there for some time, and has an office in New York.
“Having a BitLicense is also a key element in ramping up our presence in the United States, especially when it comes to working with institutional investors,” he said.
The license allows the exchange to continue its operations within the state of New York. More specifically, Bitstamp is authorized to offer trading in five Cryptocurrencies-Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple’s XRP. The exchange may add additional cryptocurrencies in the future, according to the press release.
BitLicense Has Sparked Controversy in the Past, But Bitstamp Seems to Think It’s Worth the Effort
The BitLicense has been criticized in the past for being too expensive and too logistically heavy for younger companies to attain, although, on paper, its goals seem logical enough: to protect customers, to establish regulations that prevent money laundering, and to establish cybersecurity standards.
BitLicense is officially law in NY today. Shed a tear for freedom, capitalism, and innovation. Then, comply citizen. #bitcoin#USSA
Indeed, Bitstamp’s press release said that “the DFS BitLicense requires Bitstamp to meet several stringent requirements when it comes to consumer protections.”
On the other hand, though, it also said that with the BitLicense, Bitstamp users could rest easy in the knowledge that they “are afforded the same protections as customers at traditional financial institutions.” Kodrič explained that “we’ve always embraced proactive efforts that protect the interests of both consumers and institutional investors.”
“Obtaining a BitLicense is another example of our commitment to be the most trusted digital currency exchange in the world.”
The BitLicense should bring some new users in for Bitstamp, which is continuing to grow. “Right now we are approaching 4 million users,” Kodrič said in an interview with Finance Magnates that was conducted earlier this year. “We did see exponential growth in late 2017 and early 2018. That has levelled off as the market has calmed down and we’re now once again seeing steady growth.”
The BitLicense comes amid some critical changes for the exchange, including the incorporation of Cinnober’s TRADExpress Trading System, a new WebSocket solution, a new mobile app, and the launch of a new trading interface that is expected later this month.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Canadian “Crypto King” Arrested and Charged for $30 Million Fraud
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa