Cash App obtains NY ‘BitLicence’

The New York State Department of Financial Services has granted Square, the PayTech founded by Twitter CEO Jack Dorsey, a licence to sell and buy Bitcoin to state residents.

Square which also holds a money-transmitter licence, has become the ninth firm to receive the so-called ‘BitLicence’ from the NYDFS and it will trade Bitcoin through its Cash App.

An in-depth review was carried out before granting the licence, the NYDFS reports, which adds that it also took a close look at the firm’s anti-money laundering, anti-fraud and cybersecurity policies.

Dorsey says the decision to trade Bitcoin through the app has been a “pretty contentious move within the company” and that it is currently still a source of internal tension.

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Previous Article

BTL Group makes key oil and gas hire

Next Article

Californian jeweller scores Bitcoin first

Read More Related articles