BitPay is the world’s leading cryptocurrency payment processor. The company has now obtained a license to operate in the state of New York. This license has been granted by the NYDFS earlier this week. BitPay is one of few companies effectively obtaining a license to operate in this part of the United States.
Obtaining the BitLicense is a big step for BitPay. The company wants to be fully compliant while offering Bitcoin services in New York. With this license, the company can now transact business with companies and consumers in the region. Additionally, New York-based firms can tap BitPay to accept Bitcoin and Bitcoin Cash payments accordingly.
Another Notch in BitPay’s Belt
BitPay’s application has gone through a thorough review process. This includes the firm’s AML and KYC procedures. Moreover, their way of handling fraud and cybersecurity are two critical points of review. This company processes millions worth of cryptocurrency every single month. Adhering to the necessary guidelines is critical in this regard.
BitPay CEO Stephen Pair Adds:
“New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”
This is a positive development for all entities involved. Cryptocurrency hasn’t seen much success in New York. This is mainly due to the BitLicense requirements. It is an expensive and cumbersome application process for Bitcoin companies. BitPay is only the eighth company to receive its license in the state since it was introduced in 2015.