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.

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