Trading platform eToro has secured its New York BitLicense, enabling the company to offer crypto services within the state.
eToro also gained a money transmitter license which paired with BitLicense will allow users in New York to access eToro’s virtual portfolio, integrated social investing tools and to trade stocks, crypto and options once the platform is operational.
The New York State Department of Financial Services (NYDFS) now regulates 33 companies under the virtual currency license – known as BitLicense – but has received heavy criticism from the crypto industry for its restrictive measures, high compliance costs and long wait times.
Crypto firm Coin Cafe secured a BitLicense earlier this year despite making the original application in August 2015.
In a statement, eToro co-founder and CEO Yoni Assia said: “Securing our BitLicense and money transmitter license in New York is a key milestone in the continued expansion of our US business and a testament to the commitment of our team in partnering with regulators and state entities.
“eToro combines the community led approach of social media with intuitive investing tools and prides itself on the simplicity of its user experience. On eToro users can learn, practice, invest and share ideas.”
The company has yet to set a date for when the New York platform will be operational and accessible to users.
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