Genesis Global Trading, Inc., a leader in digital currency trading, received a BitLicense from the state New York Department of Financial Services (DFS).
The company has become the 5th company in three years to obtain such an approval from the authorities. Nevertheless, it is the first New York-based trading company to be granted with this license.
BitLicense lets companies make the trading of several digital currencies with its institutional trading partners simpler and faster. It will allow Genesis to facilitate the trading of Bitcoin, Ethereum, Ethereum Classic, Bitcoin Cash,Ripple, Litecoin and Zcash.
Genesis is also a registered broker-dealer that works under the approvals received from the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), it also manages an over-the-counter crypto trading desk that delivers its services to institutional traders.
Genesis has been functioning since 2013. The company offers access to institutional investors and high net worth individuals who are looking for a good chance to buy or trade large sums of cryptocurrencies.
The company provides its trading partners with deep pools of liquidity, trading in a 24/7 regime, same-day settlement and professional expertise that has been gained from trading billions of dollars in digital assets since its entering the market.
Michael Moro, CEO of Genesis Global Trading, noted:
«We are very pleased that DFS has approved the Genesis Global Trading BitLicense application. 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».
NY DFS announced in its press release that «New York continues to lead the nation in regulating the growing fintech industry». The granted approvals to some companies including Genesis «demonstrate DFS’s commitment to protecting consumers and the virtual currency market while encouraging innovation, such as the expanded use of blockchain, and providing strong regulatory oversight to new and existing market participants».