Cumberland DRW, a significant digital asset dealer and liquidity supplier, stated on Monday that the New York State Division of Monetary Providers (NYDFS) granted its New York-based entity a digital forex license known as BitLicense.
“We’re happy that the New York State Division of Monetary Providers has granted Cumberland New York a BitLicense,” the corporate’s official X account posted.
“As one of many solely principal buying and selling corporations to carry a BitLicense, we sit up for robust buying and selling relationships with institutional New York counterparties,” the corporate added.
BitLicense is New York’s landmark regulation for cryptocurrency-focused companies put in place in 2015. Whereas the regime spearheaded efforts to manage the rising crypto business on a state degree, it has attracted criticism over time from market contributors for stifling innovation, whereas the state’s comptroller raised issues earlier this 12 months in regards to the company’s auditing course of.
Cumberland is a subsidiary of Chicago-based high-frequency buying and selling firm DRW. Earlier this 12 months, Cumberland was one of many buying and selling corporations that had been chosen by Constancy Investments to purchase and promote bitcoin (BTC) for Constancy’s spot bitcoin exchange-traded fund (ETF) that began buying and selling in January.
