US Subsidiary Of Bitstamp Seals BitLicense From New York Regulator

In today’s crypto news, we have the United States subsidiary of the major European crypto exchange Bitstamp which has recently received a virtual currency license from the New York state financial regulator. The news was shared in a crypto press release published by the New York Department of Financial Services (NYDFS) on April 9.

Known as BitLicense, this document has been awarded by the NYDFS to Bitstamp USA Inc. which is a subsidiary of the exchange which is registered in Luxembourg. As the release notes, this development makes Bitstamp USA the nineteenth firm to receive the department’s green light and conduct digital currency operations in the state of New York.

In another report published by Reuters, Bitstamp Europe SA is featured as a granted payment institution with a license that dates back to 2016, which authorized its operations across all 28 countries in the European Union.

In more detail, this license will authorize Bitstamp to run its services – mostly the ones that allow customers to buy and sell Bitcoin (BTC) as well as select other virtual currencies for USD and vice versa.

With this, Bitstamp USA will get a further license that will make it able to “facilitate transfers of funds onto the Ripple Network, issuing Ripple Balances in USD, other virtual currencies, and select fiat currencies, including the Australian Dollar, British Pound, Euro, Swiss Franc, and Japanese Yen,” the press release notes.

The statement by NYDFS also outlines that its licensing regime is designed to supervise and foster the virtual currency exchanges under New York’s financial services law. With this, Bitstamp joins other high-profile crypto industry firms in the likes of Square, BitPay, Genesis Global Trading, bitFlyer USA, Coinbase, XRP II and Circle Internet Financial.

Right now, Bitstamp is ranked as the 47th largest exchange in the world by its adjusted daily traded volume – and is seeing around $105.6 million in trades over the past 24 hours.