Coinbase, the world’s largest bitcoin company, received permission from the New York Department of Financial Services (DFS) for virtual currency and money transmitter license.
The superintendent of DFS Maria Vullo made the announcement Monday. In her statement, she commented on her hope that DFS would continue “New York’s long record of being responsive to technological innovation.”
Coinbase offers its users a selection of services that range from selling and sending to receiving and storing bitcoin. However, the company remains under the strict watch of the DFS. The DFS led a review of every aspect of Coinbase. DFS went over applications, cyber security policies, anti-money laundering, and even consumer protection.
On the other hand, Coinbase isn’t the only company to receive a transmitter license from the Department of Financial services. The DFS gave license to Ripple and Circle Internet Financial. Gemini Trust Company obtained a trust charter from the DFS as well.
When Coinbase CEO and co-founder, Brian Armstrong, commented on the situation, he said, “At Coinbase, our first priority is to ensure that we operate the most secure and compliant digital currency exchange in the world.”