A new level has come to BitStamp exchange as it acquires a license to operate legally in New York. The Department of Financial Service in the State has given the crypto trading entity the go-ahead. With the new BitLicense from the department, BitStamp has the footing they need in the State.
This license is an outstanding development for the company. BitStamp has been focusing on the European market all these while, and now, they are gaining the upper hand as they hoped. From the announcement which the company made, the BitLicense will help it to gain access into the U.S market gradually. Also, it has high hopes that expanding to the North American cryptocurrency market will be possible too.
Statements about the license
BitStamp exchange with its headquarters in Luxembourg used this opportunity to announce their modus operandi. According to the company, it has always operated within the limits of the law. The reason for embracing government regulations in its operation is to ensure accountability and transparency. The move to obtain the New York license according to BitStamp was a way into the U.S. With such a legal footing, the company the crypto community has become more aware of them. As such, institutional investors can also have the confidence to do business with the exchange.
Acquiring the BitLicense in NewYork
The State of New York is very restrictive. A move by a company to gain access into the financial markets is not easily permissible. To get this permission slip which many crypto exchanges covet, companies must pass through stringent regulations. They must meet the State’s requirements which protects the consumers and their operations. Due to the strict requirements which the State attached to the BitLicense, many people engaging in Bitcoin trading criticize it. Well, this may sound doubtful, but the critics have very good reasons to be skeptical of the license.
The criticisms did not dissuade BitStamp a bit. The company claims that acquiring such a license is favorable to its operations. It will place the exchange under the high standards which financial institutions operate. BitStamp also made some statements about its operations since 2011 when the exchange came into existence.
According to them, the company has been focusing on two things since it started to operate in the industry. The first focus is to be a secure platform which investors all over the world will trust. Also, the entity hopes to take the crypto industry into new levels. BitStamp hopes to achieve this feat through the development of best practices in self-regulation and security.
In their statement, the company is looking forward to extending its experience in Europe to other countries of the world. They aim to create a suitable environment where all crypto investors and operators can work without fear. This move according to the company will affect the industry in the United States and other countries as well.
Updates on BitStamp
Let’s recall that many months ago, there was a rumor about a sale. We heard that BitStamp was about to sell the company to a gaming company in South Korea. However, it died down because of limited information about the deal.