Reports have now emerged that the New York Department of Financial Service has approved Eris Clearing LLC BitLicense application. This the clearing arm of the larger ErisX group handling digital currencies.

#NEWS: #NYDFS grants #virtualcurrency and money transmitter licenses to @ErisX_Digital. Read #PressRelease: https://t.co/X0vW3q0zFL.

— NYDFS (@NYDFS) May 6, 2020

The DFS unveiled the BitLicense in 2015, which provided a favorable landscape for ensuring crypto firms complied with regulations. Up to date, they have approved 25 licenses inclusive of the ErisX one according to the NYFDS announcement. ErisX will now join the exclusive club that consists of reputable crypto firms such as Binance, Coinbase, BitPay, Bitstamp, Robinhood, Seed CX,  SoFi, and Tagomi. All of which have satisfied the DFS Criteria for the BitLicense issuance.

[Also Read: Bittrex’s BitLicense was Rejected, NYDFS Responds Regarding Exchange Licensing Requirements]

The BitLicense will now enable exchange ErisX to extend trading and acquisition choices for their New York located clients on their platform. The NYDFS expects every firm that carries out cryptocurrencies undertakings with New Yorkers to petition for BitLicense approval despite the company not being located in New York.

“No Person shall, without a license obtained from the superintendent …, engage in any Virtual Currency Business Activity.”

The virtual currency Business activity has been stipulated as: holding cryptocurrencies at the behest of other parties, buying and selling of cryptocurrencies for profit, administration or issuance of cryptocurrencies or acting as an exchange for cryptocurrencies.

Linda A. Lacewell, the New York DFS superintendent has reiterated DFS’ devotion to bolster financial innovations. This she said was evidenced by ErisX’s approval which is a step forward crucial for New York’s financial comeback amidst global pandemic concerns. Notably, they approved 8 such licenses in just the last year alone.

The CEO of ErisX, Thomas Chippas, was particularly impressed by NYFDS’ move to acknowledge their attempts to comply with the high standards they implement in crypto space deduced from legacy financial markets. This he said would safeguard their clients from market manipulations.

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