Crypto trading company Cumberland confirms New York bitlicenses
The New York State Department of Financial Services (NYDFS) has issued a BitLicense to Cumberland Business, which is authorized to operate as a cryptocurrency company.
In a June 17 announcement, Cumberland said it plans to engage in “strong business relationships with institutional New York partners” with BitLicense. The firm is one of 33 companies listed on the NYDFS website that holds a license, though it says it is “one of the top businesses” to do so.
Since 2015, crypto companies operating in New York State are required to apply for a BitLicense to offer products and services. Some critics, including New York City Mayor Eric Adams, have proposed repealing the program, saying it stifles innovation and economic growth.
Related: Cumberland Labs unveils SaaS API for public blockchains and DeFi protocols
New York authorities have been pursuing charges against Genesis Global Trading and crypto firm Gemini for allegedly defrauding investors in the Gemini Income program. In January, Genesis agreed to pay $8 million and surrender its BitLicense as part of a settlement with the NYDFS. The New York Attorney General's Office also agreed with Genesis and Gemini, banning the companies from operating in the state and operating crypto lending services, respectively.
Before the United States Securities and Exchange Commission approved the listing and trading of the BTC exchange-traded fund in January, Fidelity selected Cumberland as one of its firms to trade BTC as an investment vehicle. The company operates from North America, Europe and Asia.
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