Cumberland Trading Firm Receives New York Crypto License
Digital asset trader and liquidity provider Cumberland DRW has received a virtual currency license, also known as a ‘BitLicense’, from the New York State Department of Financial Services (NYDFS).
This achievement demonstrates that Cumberland meets all requirements of the stringent regulatory requirements and is one of the few prime trading firms in New York to hold such a permit.
Cumberland New York Crypto License
With the acquisition of BitLicense, Cumberland can establish strong business relationships with corporate counterparts in New York, one of the financial centers. “We are pleased that the New York State Department of Financial Services has issued a BitLicense to Cumberland New York,” a company representative said on the official X account.
In a social media statement, the company further emphasized its unique position in the market and its readiness to expand its trading operations.
Introduced by NYDFS in 2015, BitLicense is a license required for companies trading cryptocurrencies in New York state. While some accuse it of stifling innovation, it was developed to protect consumers and maintain the financial integrity of the market.
Crypto regulation in New York
BitLicense’s approval in Cumberland comes at a time when New York’s regulatory framework is being questioned. Recent audits of NYDFS’s oversight of BitLicense holders noted a number of deficiencies, including missing or out-of-date information and slow application approval. These discoveries have therefore called for improved regulatory measures to encourage better oversight of the growing crypto market.
Cumberland’s acquisition of BitLicense is in line with the general trend of crypto exchanges and trading firms to obtain licenses in different jurisdictions. For example, valr, the largest cryptocurrency exchange based in South Africa, has received approval to operate internationally in Poland.
This follows the granting of dual-category licenses by the South African Financial Sector Conduct Authority (FSCA), a major milestone in the integration of cryptocurrency with traditional finance. This shift towards obtaining licenses is indicative of the increasing focus on compliance and security in the international crypto space; This is a clear indication that the industry is growing and ready to be adopted by institutional investors.
Also read: Velodrome (VELO) Volume Rises 67% When US Congressman Announces Shares
✓ Share:
Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Cumberland #Trading #Firm #Receives #York #Crypto #License
