Markets
Crypto trading firm Cumberland acquires New York’s BitLicense
Cumberland DRW, a leading digital asset trader and liquidity provider, said Monday that the New York State Department of Financial Services (NYDFS) has granted its New York-based entity a virtual currency license called BitLicense .
“We are pleased that the New York State Department of Financial Services has granted a BitLicense to Cumberland New York,” the company’s official X account states. job.
“As one of the only major trading companies to hold a BitLicense, we look forward to building strong trading relationships with New York institutional counterparties,” the company added.
Bit License is New York’s landmark regulation for cryptocurrency-focused businesses, implemented in 2015. While the regime has spearheaded efforts to regulate the emerging crypto industry at the state level, he attracted critical over the years, market players for stifling innovation, while the state controller raised concerns earlier this year regarding the agency’s audit process.
Cumberland is a subsidiary of Chicago-based high-frequency trading company DRW. Earlier this year, Cumberland was one of the trading companies that chosen by Fidelity Investments buy and sell bitcoin (BTC) for Fidelity’s spot Bitcoin exchange-traded fund (ETF) which began trading in January.