Genesis Global trading, a reputable cryptocurrency brokerage that services institutional investors and high caliber bitcoin investors have finally succeeded where many firms have failed. The Digital Currency Group-backed firm is now one of five crypto-related businesses to have been granted the New York BitLicense, the others being Coinbase, bitflyer, and Circle
Genesis Cracks the BitLicense Hard Nut
Thursday, May 17, 2018, will remain a remarkable day for Genesis Global Trading, as the firm announced it had successfully joined the ‘tiny’ league of BitLicense holders.
Genesis Global Trading has existed in New York since 2013, operating with a New York Department of Financial Services (DFS) “safe harbor” provision, a lighter version of the BitLicense that allows startups work in the region before getting the hard-to-get BitLicense.This makes the firm the fifth firm to be approved by the DFS in three years, making it a somewhat great achievement for Genesis.
Although the company had been doing business in the state even without the license, the BitLicense will, however, enable it to offer more robust services to big whale investors. Genesis Global Trading can now increase its offering of bitcoin (BTC), ether (ETH), ether classic (ETC), litecoin (LTC), zcash (ZEC), ripple (XRP) and bitcoin cash (BCH) trading.
CEO of Genesis Global Trading, Michael Moro expressed profound satisfaction over the firm’s latest achievement saying:
“We are very pleased that DFS has approved the Genesis Global Trading BitLicense application. Although we have operated under 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.”
NYDFS Thinks BitLicense is Needed, Despite ‘Abolish the BitLicense’ Movement
Notably, the BitLicense has been in existence since 2015. It was created by New York’s Department of Financial Services (DFS), however, to date there are no more than five firms that have been granted the BitLicense and the regulation has been criticized by many in the cryptospace for its draconian nature.
In February 2018, BTCManager reported that bitcoin investors in the state held a rally tagged “Abolish the BitLicense,” as they are sick and tired of the innovation stifling law.
While a considerable percentage of crypto-related businesses find the New York crypto ecosystem too harsh for the survival of their companies, NYDFS superintendent, Maria Vullo thinks otherwise. In April 2018, she revealed that:
“DFS recognised early on that standards needed to be set that would help improve operations and safety, and we, therefore, created a channel for growing in the right way, respecting legal obligations required of all financial services companies and protecting customers by developing a sound infrastructure.”
With only five businesses approved in three years, we cannot exactly say the BitLicense law has been a success so far.