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Do exchanges need a BitLicense in New York?

Regulations in New York limit the coins and tokens you can purchase. So, not only do exchanges have to have a BitLicense to operate in New York, but the crypto assets they sell must also be approved. The NYDFS has published a “Greenlist” — or a list of coins and tokens pre-approved for exchange listings.

What is a BitLicense in New York?

The BitLicense is essentially a seal of approval from the New York Department of Financial Services (NYDFS), certifying that the recipient is authorized to provide cryptocurrency services in the state of New York. How Much is the Tax for Capital Gains on Bitcoin in New York?

Do crypto businesses need a BitLicense in New York?

New York passed crypto regulation in June 2015 that requires businesses to register for a BitLicense to operate a crypto business legally in the state. Regulations surrounding cryptocurrency in the state are developing and changing frequently. Currently, a cryptocurrency business in New York is required to get a BitLicense if it:

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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