Crypto ATM firm Coinsource secures New York’s BitLicense

Getting your Trinity Audio player ready...

The world’s largest crypto ATM company Coinsource has become the latest firm to secure a coveted virtual currency license in New York, after winning the approval of regulators at the New York Department of Financial Services (NYDFS).

In securing the license—one of only nine to have been granted to date—Coinsource becomes the first company of its kind to have been awarded the license, which will enable them to provide a range of regulated services throughout the state.

In a statement, Coinsource CEO Sheffield Clark said that all New Yorkers were now eligible to buy and sell with confidence at Coinsource kiosks.

According to Clark, “Coinsource is the first and only company that operates Bitcoin Teller Machines (BTM) to receive a New York virtual currency license. All New Yorkers—from the people that are unbanked to the people who own the banks—can use our kiosks in their neighborhood retail locations to buy Bitcoin instantly in a convenient and familiar way.”

“Now that Coinsource is a license holder, our customers can buy and sell with confidence that Coinsource meets and exceeds the high standards set by the New York Department of Financial Services,” he noted. “New York represents not just a center of global innovation but also one of our largest target markets. We are extremely proud to be the only Bitcoin ATM operator holding a New York virtual currency license.”

The New York virtual currency license, dubbed the BitLicense, is increasingly seen as an essential step for firms keen to increase their appeal to regulated investors, with the likes of Coinbase, Circle and Ripple amongst the others to have secured licenses to date.

Clark said that the license would ultimately further validate the crypto ATM industry, as well as helping ordinary New Yorkers access cryptocurrencies more easily.

He explained, “From the onset, our goal was to provide millions of Americans with a reliable and convenient way to buy digital currency. Bitcoin is no longer a fringe currency, and in 2018, is increasingly being adopted by the mainstream. Today, with the issuance of the virtual currency trading license to a BTM operator, the Bitcoin industry takes another step toward public adoption.”

“This is a landmark day for Coinsource, but an even more important win for New Yorkers. We only hope that this milestone brings further validation to the BTM industry. It proves that regulators will reward entrepreneurs who combine innovation with a willingness to meet best practices and compliance standards,” Clark said.