ALBANY, N.Y.—Global crypto payments processor BitPay has been granted a BitLicense by New York State’s financial regulator.
The recently acquired virtual currency license from New York’s Department of Financial Services (NYDFS) will allow BitPay to do business with customers and companies based in the state. Additionally, New York-based business will be able to use BitPay to accept Bitcoin and Bitcoin Cash for purchases from users worldwide, CoinTelegraph reported.
The NYDFS said it examined BitPay’s level of compliance with anti-money laundering, know your customer, anti-fraud, capitalization, and cybersecurity policies before granting the license.
“New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay,” BitPay CEO Stephen Pair said. “We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”
BitPay is the eighth company to receive a BitLicense from the NYDFS, joining other crypto-related firms such as Square, Genesis Global Trading, bitFlyer USA, Coinbase, XRP II and Circle Internet Financial.