BitLicense, also known as the business license for virtual currency activities in New York, is gradually losing its \u201celusive\u201d moniker. On Monday, the New York State Department of Financial Services (NYDFS) announced that it has approved financial services provider Square Inc.\u2019s application for a BitLicense, making it the ninth company to hold the virtual currency license or charter. The BitLicense allows Square\u2019s Cash App to start offering BTC trading to its New York-based customers. https:\/\/twitter.com\/CashApp\/status\/1008726031438635009 Cash App, which allows for sending and receiving fiat currency, added a Bitcoin option in January to users outside of New York, Georgia, and Hawaii states. Users can use the app to send BTC to an external wallet, although they can\u2019t send it to other Cash App users. \u201cWe are thrilled to now provide New Yorkers with Cash App\u2019s quick and simple way to buy and sell bitcoin,\u201d Brian Grassadonia, executive VP and general manager of Cash App, said in a statement. According to Financial Services Superintendent Maria Vullo, the department conducted a comprehensive review of Square\u2019s application, including the company\u2019s anti-money laundering, anti-fraud, capitalization, consumer protection, and cybersecurity policies. As a BitLicense holder, Square is subject to ongoing supervision by NYDFS. The payment services firm, headed by Twitter CEO Jack Dorsey, also holds a money transmitter license from the New York state department. Square offers tools for sellers to run their businesses: its hardware enables sellers to accept credit card and contactless payments, while its software and other business services help sellers manage inventory, locations, and employees; provide powerful business analytics; access financing; and utilize tools to engage with their customers. Square joins eight other firms that have secured approval to operate in New York. In May, Genesis Global Trading received a BitLicense under the state\u2019s rather controversial cryptocurrency regulation. Other BitLicense recipients include Xapo, Coinbase, bitFlyer USA, Ripple subsidiary XRP II, and Circle Internet Financial. Gemini Trust Company and Paxos (formerly ItBit Trust Company) have received NYDFS charters, but have not yet been granted the much sought after BitLicense approval.