Genesis Global Trading recently received a Bitlicense by the Department of Financial Services (DFS) in New York. The cryptocurrency trading company became the first to receive the license in the state.
New York authorities made it a requirement in 2015 for cryptocurrency trading companies to secure a license. They also implemented strict regulatory requirements causing many crypto firms to quit operating in New York.
Genesis Global’s BitLicense makes them the first New York crypto trading firm to receive the license, but fifth overall. The license means the company will be allowed to trade cryptocurrencies including Bitcoin (BTC), Zcash (ZEC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) and Ethereum Classic (ETC).
The BitLicense will allow Genesis Global to offer its services to institutional investors as well as high net-worth individuals. This comes from its services being strategically customized to meet the need of the clients. The platform will allow clients to purchase or sell digital assets in large volumes. Genesis Global will also provide its clients with access to services such as same-day settlement, round-the-clock trading, and access to deep pools of liquidity.
Genesis Global has traded cryptocurrencies worth billions for the past five years. Prior to receiving the BitLicense, the firm was still operating in New York with special supervision by the DFS. Michael Moro, the CEO of Genesis Global, stated that the license signifies a big step forward for the company. It also echoes the strong compliance measures that the firm has employed as a well-established trading partner.
Other than receiving the BitLicense from DFS, the firm also registered as a broker-dealer with FINRA and the SEC. The firm has strong affiliations in the blockchain industry. They have investments spread among 30 countries worldwide.
Genesis Global will now be able to expand its operations in New York with more ease now that it has secured the BitLicense. However, it is not the only platform that has been in pursuit of the license. Jack Dorsey’s Square Cash app is also seeking the BitLicense so that it can start operating in New York.