on the crypto
Eris Clearing, the settlement and clearing department of ErisX, has obtained a prestigious license for virtual currencies from the New York's Department of Financial Services (NYDFS).
A big step forward for ErisX
Announced on May 6, the ErisX spot and derivatives market joins a select group of well-known cryptocurrency companies including Coinbase, Robinhood, Bitcoin Pro and Bitstamp and the Tagomi cryptocurrency broker who all met the NYFDS standards required for the so-called BitLicense.
"We are delighted that the New York's Department of Financial Services has recognized our commitment to achieving the high standards borrowed from existing capital market structures and subsequently applied to the cryptocurrency space," said Thomas Chippas, CEO of ErisX, in a press release.
In 2019, ErisX also obtained a Derivatives Clearing Organization (DCO) license from the U.S. Commodity Futures Trading Commission (CFTC) for its futures market and clearinghouse. From then on, therefore, ErisX entities are authorized to operate in 47 states and jurisdictions, including New York.
What is BitLicense
Formally launched in June 2015, BitLicense was designed by the NYDFS to provide a framework for companies looking for services related to bitcoin and other cryptocurrencies such as trading or custody.
The NYFDS requires that any business that carries out cryptocurrency transactions with customers residing in New York is authorized to operate within the state even if the companies are based elsewhere.
In late 2019, BitLicense was reviewed by NYDFS Superintendent Linda Lacewell, who said it was "nice to take a close look" at the platforms operating in the emerging cryptocurrency sector to reflect changes in space since 2015.
"DFS continues its commitment to promoting financial innovation in New York," said Lacewell. Today's approval is another step in expanding virtual currency assets in the state and promoting New York's support for financial innovation, which will be especially important as we work to reopen the world's financial capital economy. ".
ErisX opens its doors in New York
Commenting on the announcement and news related to the new license obtained, Chippas told the media: “Our work with regulators is always open and transparent, and this allows us to build innovative products and services while maintaining a compliant and safe business. ".
In addition, he added: "Having recently announced an alignment with Fidelity Investments and TradeStation Crypto, we are looking forward to welcoming New York-based people and institutions to the spot platform, now that we will be able to do it."
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