Cumberland New York Crypto License
Cumberland trading firm can now establish strong trading relationships with institutional counterparts in New York, one of the financial centres, after acquiring BitLicense.
”We are glad that the New York State Department of Financial Services has issued a BitLicense to Cumberland New York,” said a company representative on their official X account.
We are pleased that the New York State Department of Financial Services has granted Cumberland New York a BitLicense. We are deeply committed to working with regulators to obtain proper, necessary licensing and ensuring our business is compliant and aligned with regulatory…
— Cumberland (@CumberlandSays) June 17, 2024
Additionally, it was reiterated how this company stands out from others operating within its sector as well as being ready enough towards making trading operations even better than before.
NYDFS Oversight and Loopholes
In order to operate in New York State, companies need a BitLicense that was introduced by NYDFS in 2015 for cryptocurrency-related businesses. While some complain that it suppresses innovation, others argue it is supposed to safeguard consumers as well as maintain the market’s financial integrity.
Cumberland’s BitLicense approval comes at a moment when New York’s regulatory structure is under scrutiny. Recent audits have pointed out several loopholes in NYDFS’ surveillance of BitLicense holders. Such loopholes include missing or outdated information as well as delayed processing of applications. Consequently, there is a need to beef up these regulations so that there can be proper oversight over this burgeoning crypto space.
In securing BitLicense, Cumberland shares in the common direction of crypto exchanges and trading enterprises that are obtaining licenses from multiple jurisdictions. At the same time, VALR which operates globally was allowed by Poland being the biggest crypto exchange in South Africa.
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