Anchorage Digital has announced that its New York subsidiary has been granted a BitLicense by the New York Department of Financial Services (NYDFS).
In a 16 December 2024 announcement, the firm said the approval will allow it to offer cryptocurrency services in New York starting in 2025.
“Our agency trading desk enables NY-domiciled clients to take advantage of deep liquidity and cost effective trading from a regulated entity. Now, institutions based in New York can access Anchorage Digital NY’s safe, regulated crypto trading with competitive pricing,” Anchorage CEO Nathan McCauley said.
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Only 33 Companies Have Received BitLicense Approval
Since the BitLicense program’s introduction in 2015, only 33 companies have received approval to offer crypto services in New York—a list that has yet to include Anchorage.
While the BitLicense program is seen as a key regulatory milestone for crypto firms operating in New York, it has also faced criticism for its stringent requirements.
Notably, the regulatory approval enables Anchorage Digital to partner with a broader range of institutions, including registered investment advisors (RIAs) and large institutional asset managers. McCauley said:
“The new approval means the most trusted brand in crypto can offer regulated crypto trading to NY clients, and the ability to custody and settle trades through a clear-cut qualified custodian in the form of Anchorage Digital Bank N.A.”
We are excited to announce that the New York State Department of Financial Services (@NYDFS) has approved our subsidiary, Anchorage Digital NY, LLC, for a BitLicense.
The addition of BitLicense-regulated trading means Anchorage Digital can offer institutions in New York State (… pic.twitter.com/Ki7Ehn1F1I
— Anchorage Digital (@Anchorage) December 16, 2024
Nevertheless, major companies such as Circle, Coinbase, and Gemini have secured licenses under the scheme.
Conversely, Genesis Global Trading forfeited its BitLicense in January as part of a settlement with NYDFS, following allegations of investor fraud through the Gemini Earn program.
New York remains a pivotal hub for the U.S. cryptocurrency industry due to the concentration of crypto companies and the presence of regulatory oversight.
However, it’s also a frequent battleground for enforcement actions against crypto firms. NYC Mayor Eric Adams, who assumed office in 2022, has been a vocal critic of the BitLicense, labeling it as “stifling” for the crypto sector.
Notably, Adams gained attention for accepting his first three paychecks in Bitcoin, a move that paid off as the cryptocurrency’s value surged.
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Trump Appoints Crypto-Friendly Individuals To Key Positions
Anchorage Digital’s recent regulatory approval comes as the crypto industry expects a more friendly regulatory approach under President-elect Donald Trump.
Further boosting confidence in the industry, Trump has also proposed actions such as firing SEC Chair Gary Gensler and freeing Silk Road founder Ross Ulbricht.
Additionally, Trump has appointed David Sachs, a podcaster, as the “Crypto Czar” in his cabinet. He also pledged to make America the “crypto capital of the world” through initiatives like World Liberty’s lending and borrowing platform.
Furthermore, he selected Paul Atkins, a crypto advocate and former SEC commissioner, as his choice to lead the SEC.
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The post Anchorage Digital Secures NYDFS BitLicense For Crypto Services appeared first on 99Bitcoins.
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