Crypto Startup Tagomi Granted BitLicense By NYDFS

News, Regulation | March 28, 2019 By:

Crypto trading platform Tagomi Trading has been granted a BitLicense and a money transmission license by the New York Department of Financial Services (NYDFS).

Tagomi Trading, a subsidiary of crypto brokerage platform Tagomi Holdings, is an institutional-grade aggregation platform for trading crypto assets and executes trades across multiple liquidity venues. The firm’s parent company, which is backed by PayPal co-founder Peter Thiel’s venture capital firm, offers a portfolio management interface for longer-term investors, an advanced trading terminal for active traders, and an API for various types of programmatic trading.

The NYDFS’ lincenses will enable Tagomi Trading to engage in money transmission and to offer trade routing and order execution services for non-securities virtual currencies, including bitcoin, ether, Bitcoin Cash and LiteCoin.

“We are excited that NYDFS has approved our application as New York’s first agency brokerage for virtual currencies,” said Greg Tusar, CEO of Tagomi Trading. “Our team of industry veterans has developed our order routing services with sophisticated clients in mind, and we look forward to expanding our presence with New Yorkers. We appreciate the DFS’s thorough review and careful approach to virtual currency market participants to make for a more transparent and equitable virtual currency landscape.”

Since taking the lead nationally in regulating the crypto market in 2015, the NYDFS has approved 18 companies to offer crypto-related services in New York. The authority said that it remains committed to supervising and promoting financial services market innovations by licensing tech-based money transmitters under New York’s money transmitter law, online lenders under New York’s banking law, and virtual currency exchanges under New York’s financial services law.

“The NYDFS is committed to fostering innovation and strengthening the competitiveness of New York’s burgeoning virtual currency sector,” said Acting NYDFS Superintendent Linda A. Lacewell. “The Department’s approval of Tagomi’s virtual currency and money transmitter licenses provides consumers with more choice and more protection in a continuously evolving global financial services marketplace.”