Genesis Global Trading, a broker-dealer registered with the SEC and FINRA, and wholly-owned subsidiary of Digital Currency Group, today announced that it has received approval from the New York Department of Financial Services (DFS) for a BitLicense. The license enables Genesis to facilitate the trading of several cryptocurrencies, including bitcoin, with its institutional trading partners.
Genesis is the first New York-based trading firm to receive the license. To date, Genesis has operated under a “safe harbor” provision. In addition to bitcoin, Genesis has also been approved for offerings of Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), and Zcash (ZEC).
Genesis provides access to institutional investors and high net worth individuals looking to buy or sell large sums of digital currencies. A regulated trading partner, Genesis provides deep pools of liquidity to its trading partners, same-day settlement, 24/7 trading, and deep institutional expertise developed from trading billions of dollars in digital assets since entering the industry in 2013.
“We are very pleased that DFS has approved the Genesis Global Trading BitLicense application. 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.”