Crypto Broker Genesis Global Trading Granted BitLicense By NYDFSbr>
A broker-dealer registered with the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), Genesis is a wholly-owned subsidiary of Digital Currency Group. It provides access to institutional investors and high net worth individuals looking to buy or sell large sums of cryptocurrencies. The company provides deep pools of liquidity to its trading partners, same-day settlement, and 24/7 trading.
The BitLicense enables the company to facilitate the trading of several cryptocurrencies, including bitcoin, ethereum, Ethereum Classic, Bitcoin Cash, Ripple, Litecoin, and Zcash, with its institutional trading partners. Genesis is the first New York-based trading firm to receive the license. Prior to obtaining the license, the company had operated under a “safe harbor” provision with the NYDFS that allows registrants to operate in the state while their applications are pending.
“We are very pleased that the NYDFS has approved the Genesis Global Trading BitLicense application,” said Michael Moro, CEO of Genesis Global Trading. “Although we have operated under a safe harbor provision in recent years, today’s decision is an important step forward and reaffirms the robust compliance measures we have enacted as an established trading partner.”
The NYDFS said it has conducted a comprehensive review of Genesis Global Trading’s application, including the company’s anti-money laundering, anti-fraud, capitalization, consumer protection, and cyber security policies.
“New York continues to lead the nation in regulating the growing fintech industry,” said NYDFS Superintendent Maria T. Vullo. “These approvals demonstrate DFS’s commitment to protecting consumers and the virtual currency market while encouraging innovation, such as the expanded use of blockchain, and providing strong regulatory oversight to new and existing market participants.”
The BitLicense came into effect in August 2015. To date, only five BitLicenses were awarded. Other BitLicense recipients include Circle, Ripple, Coinbase and bitFlyer.