New York poised to give bitLicense to Coinbase and Ripple Labs

Regulation | May 9, 2016 By:

The New York State Department of Financial Services is close to approving licenses for bitcoin companies Coinbase Inc and Ripple Labs Inc.

The New York state’s financial regulator recently received applications from both companies, according to the regulator’s weekly report in late April. Now, an anonymous source close to the matter confirmed to Reuters that the requests will be approved, though the source did not say when the approvals would be announced.

A Ripple spokesman told Reuters that “we are committed to being fully compliant with all state and federal laws and applied for the license to ensure we remain so.” The spokesman declined to elaborate. Coinbase declined to comment to the news agency.

Once approved, the licenses would add to a nascent digital currency industry taking hold in New York. On Thursday, NYDFS approved the application of Gemini Trust Company, founded by investors Tyler and Cameron Winklevoss, to trade a digital currency called ether on its bitcoin exchange.