Anchorage Digital announced that its New York subsidiary has obtained a BitLicense from the New York Department of Financial Services (NYDFS).
In a December 16, 2024 announcementthe company said the approval would allow it to offer cryptocurrency services in New York starting in 2025.
“Our agency trading desk allows clients domiciled in New York to benefit from significant liquidity and profitable trading with a regulated entity. Now New York-based institutions can access Anchorage Digital NY’s secure and regulated crypto trading at competitive prices,” said Nathan McCauley, CEO of Anchorage.
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Only 33 companies have received BitLicense approval
Since the BitLicense program was introduced in 2015, only 33 companies have received approval to offer crypto services in New York, a list that does not yet include Anchorage.
While the BitLicense program is seen as A key regulatory step for crypto companies operating in New York, it has also been criticized for its strict requirements.
Notably, the regulatory approval allows 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 crypto brand can offer regulated crypto trading to customers in New York, And the ability to hold and settle transactions through a clearly qualified custodian in the form of Anchorage Digital Bank NA”
We are pleased 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 trading regulated by BitLicense means that Anchorage Digital can offer New York State institutions (… pic.twitter.com/Ki7Ehn1F1I
– Anchorage Digital (@Anchorage) December 16, 2024
Nevertheless, large companies such as Circle, Coinbase and Gemini have obtained licenses under this program.
Conversely, Genesis Global Trading lost 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 hub for the US cryptocurrency industry due to the concentration of crypto companies and the presence of regulatory oversight.
However, it is also a frequent battleground for enforcement action against crypto companies. New York Mayor Eric Adams, who takes office in 2022, sharply criticized the BitLicenseby labeling it as “stifling” for the crypto sector.
Adams notably attracted attention by accepting his first three paychecks in Bitcoin, a gesture that paid off when the value of the cryptocurrency increased.
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Trump appoints pro-crypto people to key positions
Anchorage Digital’s recent regulatory approval comes as the crypto industry expects a friendlier regulatory approach under President-elect Donald Trump.
Further boosting confidence in the industry, Trump also proposed measures such as firing SEC Chairman Gary Gensler and releasing Silk Road founder Ross Ulbricht.
Additionally, Trump named David Sachspodcaster, as “Crypto Tsar” in his office. He also pledged to make America the “crypto capital of the world” through initiatives such as World Liberty’s lending and borrowing platform.
Furthermore, he selected Paul Atkinscrypto 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.
