Square of the payment platform receives a virtual currency license from the state of New York
The New York Department of Financial Services (DFS) has granted a virtual currency license to Square, Inc. The DFS announced the news via a press release today.
"DFS is pleased to approve the application of Square and welcome him into the expanding and well regulated virtual currency market of New York," Superintendent DFS Maria T. Vullo explained in a statement.
"DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers into a global market while ensuring strong regulatory oversight by the state."
The regulatory authority claims to have completed a "complete overhaul" of the application of Square and has declared itself satisfied with the anti-money laundering, anti-fraud, capitalization, consumer protection and information security policies of the company.
Square is one of the most popular payment processing platforms in the world. The company produces hardware that allows retailers to accept credit cards and contactless payments. The software Square, meanwhile, provides everything from the processing of payments to financing and business analysis.
🚨 Our customers in the state of New York can now buy and sell Bitcoin instantly with Cash App! https://t.co/4R0n5sbNpM 🚨 pic.twitter.com/1WzjiQ751I
– Cash App (@CashApp) June 18, 2018
In the virtual currency industry, Square is known for Cash App, which offers users a wide range of financial services, including an easy way to buy and sell bitcoins. Anyone can download Cash App for iOS or Android, then buy Bitcoin without problems via the app.
Genesis reveals its partnership with Square after DFS announcement
After the DFS in New York announced the approval of Square's virtual currency license, the cryptocurrency trading giant Genesis Global Trading has officially announced its partnership with the payment platform. In fact, Genesis Global Trading has revealed that it has worked with Square for over a year.
Congratulations @GenesisTrading partner @Square on securing a BitLicense with @NYDFS! We are proud to work with such an innovative company to help them bring digital currencies to their customers. @CashApp https://t.co/QkzizVLqf4
– Genesis Global Trading (@GenesisTrading) June 18, 2018
Meanwhile, Barry Silbert, founder and CEO of Digital Currency Group (the parent company behind Genesis), tweeted:
– Barry Silbert (@barrysilbert) June 18, 2018
The New York Department of Financial Services has now approved nine card companies or virtual currency licenses. Other companies that have granted a virtual currency license from DFS include Xapo, Genesis Global Trading, BitFlyer USA, Coinbase, XRP II and Circle Internet Financial.