Rajarshi Mitra
Independent Analyst
- The access to crypto trading was opened on Thursday.
- The NYDFS stated that New York is unique and problematic for crypto traders.
Stock and crypto investing platform Robinhood has recently launched Bitcoin, Ethereum and other cryptocurrency trading in New York. The New York Department of Financial Services (NYDFS) issued a license to the firm in January 2019 and its access to crypto trading was opened on Thursday.
A press release reported:
“Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”
The NYDFS stated that New York is unique and problematic for crypto traders because all purveyors must apply for a BitLicense, most notably for companies that are “storing, holding, or maintaining custody or control of virtual currency on behalf of others.”
Many crypto startups have averted the terms making them BitLicense refugees and refusing to do business in the state. ShapeShift CEO Erik Voorhees criticized the issue. He said:
“Here we are two miles from the Statue of Liberty and you cannot sell CryptoKitties in the state without that license. That’s the absurdity of what’s happened here.”
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