eToro becomes the latest company to receive New York’s BitLicense

Join Our Telegram channel to stay up to date on breaking news coverage

According to recent reports, the popular social trading and investing platform, eToro, managed to secure a license to offer digital asset services in the state of New York. New York has been one of the strictest states in the country when it comes to offering crypto services, and firms have to secure the so-called BitLicense in order to legally offer crypto trading, investing, and other related services.

Now, according to eToro, the platform will be able to join the ranks of those who managed to obtain it from the New York State Department of Financial Services (NYDFS). Apart from the BitLicense itself, eToro NY LLC subsidiary also managed to secure a money transmitter license.

This pair will now allow the company to offer services to New York citizens, as well as grant them access to eToro’s “virtual portfolio, integrated social investing tools and be able to trade stocks, crypto and options.” The platform has yet to become fully operational and actually go live, but with the license secured, it is only a matter of time.

Why is securing BitLicense an major achievement?

More importantly, with eToro joining the list, there are now only 33 regulated entities that hold BitLicense. The license itself was created in 2015, and NYDFS has been very picky about which company will receive it. Its restrictive measures have led to a lot of heavy criticism from the crypto industry players more than once.

The local regulator demands the highest levels of compliance, and even then, waiting times for receiving the license have known to be quite long. One example of this comes from a cryptocurrency company called Coin Cafe, which originally applied to receive the BitLicense in August 2015. It only received it in January 2023.

Before that, the last firm to receive BitLicense was PayPal, which secured it in June 2022. With all of this being the case, it is not surprising that many view getting the license to operate in New York as a “keymilestone” when it comes to a firm’s expansion in the US.

Of course, eToro has a presence in the country already, and quite strong one, too. eToro USA Securities Inc acts as a broker-dealer registered with the US SEC, while another aspect of the company, eToro USA LLC, is registered with FinCEN (Financial Crimes Enforement Network), working as a Money Services Business.

As mentioned, securing the BitLicense in New York means that eToro has managed to reach a major achievement. However, it has not yet announced when its platform will go live and start offering services to New York traders and investors.

Related

  • eToro vs Coinbase – Crypto Platform Comparison
  • Best Trading Software Providers 2023
  • eToro Alternatives: 4 Better Cryptocurrency Exchange Platforms

Fight Out (FGHT) - Newest Move to Earn Project

Rating

Fight Out token
  • CertiK audited & CoinSniper KYC Verified
  • Early Stage Presale Live Now
  • Earn Free Crypto & Meet Fitness Goals
  • LBank Labs Project
  • Partnered with Transak, Block Media
  • Staking Rewards & Bonuses
Fight Out token
Learn More

 

Join Our Telegram channel to stay up to date on breaking news coverage

Comments

Post a Comment

Popular posts from this blog

Inquiry on Binance headquarters and audit left unanswered by new CEO Richard Teng

The new CEO of the Binance exchange, Richard Teng, dodged answering a question about the location of the company’s headquarters and its audit or. His statement was made as part of the Crypto and Digital Assets Summit organized by the Financial Times. During his speech, the new CEO of the exchange once again emphasized Binance’s “shortcomings” with respect to the company’s regulatory requirements. At the same time, Teng avoided questions related to the organization’s activities and structure. You might also like: Richard Teng takes the helm at Binance promising a shift away from outlawed behaviour When about Binance’s global headquarters , and whether the company will be audit ed, or if it plans to apply for a license in the UK, Binance’s new CEO said that he had already answered each of the questions asked “previously.” When asked again about the headquarters , Teng again brushed it off, emphasizing that it was “under consideration.” “...
Read more

Polygon 2.0 Aims to Become the Value Layer of Internet

Image
Thus, Polygon 2.0 will serve as a fundamental layer to create, exchange, as well as program value. The team claims that Polygon 2.0 will help democratize the global economy just as the internet helped in democratizing information access. Polygon 2.0 brings decentralized finance, digital ownership, and innovative coordination methods to the forefront. It fills the gap in creating an Internet that prioritizes users rather than gatekeepers, rent-seekers, or intermediaries. The new and upgraded Polygon version will serve as the blueprint for building the Value Layer. It Features a set of proposed upgrades bringing a major shift in the protocol’s architecture, tokenomics, and governance. The team shall reveal more details regarding Polygon 2.0 in the coming weeks. They will detail the future of the Polygon PoS chain, as well as the utility and the evolution of the MATIC token. Recommended Articles ...
Read more

Australian regulator ASIC to ramp up focus on digital scam

ASIC, Australia’s financial watchdog, has announced a new four-year plan prioritizing consumer protection against digital scams, including cryptocurrency-related frauds. ASIC, the Australian Securities and Investments Commission, has unveiled a new four-year strategy aimed at shielding consumers and businesses from digital scams, including those involving cryptocurrencies. Chair Joe Longo indicated that while ASIC has made strides since outlining its priorities last year, there’s ongoing work. The regulator is adapting to shifts in sustainable finance, the digital economy, and the challenges an aging population poses. You might also like: ASIC releases the top 10 ways to spot a crypto scam Longo also mentioned that ASIC closely monitors how emerging technologies like AI could impact businesses and consumers. Australia has been generally favorable toward digital currencies. The country has both embraced and regulated cryptocurrencies, most notably by exempt...
Read more