The New York Department of Financial Services (NYDFS) has issued Bitlicenses to two subsidiaries of Seed CX, a crypto derivatives provider.
According to Linda Lacewell, NYDFS Superintendent, Seed CX’s subsidiaries Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC, have been granted BitLicenses, with Zero Hash also receiving a money transmitter license.
The crypto exchange rolled out its spot trading services earlier this year and is currently waiting for approval from regulators to trade crypto derivatives in the following months.
SCXM is now legally able to provide trading services for crypto users, serving as an order matching as well as a block trade platform. The company can thus lend its services to large financial and trading firms, with Zero Hash serving as the money transmitter.
“Being granted two virtual currency licenses by the New York Department of Financial Services marks the next step in our growth to becoming the leader in institutional trading of digital assets.”
“As virtual currency license holders we will be able to expand trading and settlement services to New York firms through our institutional platform that offers the strong institutional technology, the operational support, and the regulatory compliance that institutions demand.” – said Edward Woodford, Seed CX CEO.
With Seed CX’s license, this means NYDFS has reached a count of 20 issued virtual currency licenses since the regulation was completed in 2015.
“The Department’s approval of these new licenses will provide institutional customers with more choice while also protecting consumers and the public through strong anti-money laundering, cybersecurity and other compliance standards in a continuously evolving global financial services marketplace,” stated Lacewell.
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