The BitLicense has been an interesting development in the world of cryptocurrency. In fact, it has been subject to so much controversy and debate, one would almost forget companies are actively pursuing this license these days. Genesis Global Trading is the most recent firm to have been granted a BitLicense, which means it can officially operate in the state of New York.
Genesis Global Trading Gets a BitLicense
Anyone who has been involved in cryptocurrency for more than a few months will know about the issues caused by New York’s BitLicense. This particular regulatory move has made life very difficult for companies dealing with Bitcoin or any other cryptocurrency. Most of the companies active in the cryptocurrency industry today have left New York State as a result.
Even so, some companies persisted and eventually obtained this expensive license in order to serve clients in the Empire State. Whether or not it was worth it is a different matter altogether. After all, there is no indication that cryptocurrency is that popular in New York State these days. Even so, the companies pursuing this piece of paper are confident that it can bring a lot of positive attention to their businesses moving forward.
Genesis Global Trading is the latest company to have obtained a BitLicense. This comes as a bit of a surprise, as the company isn’t all that well known in the world of Bitcoin. This is despite the firm offering a wide selection of cryptocurrencies to trade, including Bitcoin, Ethereum, Bitcoin Cash, XRP, and Litecoin. Their private OTC trading solution will be of great interest to a lot of speculators. There has been a significant uptick in OTC trading over the past few months, which can only be considered a good thing.
With Genesis Global Trading having obtained its BitLicense, interesting things are bound to happen in the world of cryptocurrency trading. It is the first time a New York-based trading firm has received regulatory approval, which further indicates how averse the Empire State is to cryptocurrencies in general. Whether or not this will hinder the company’s chances of success has yet to be determined.
Genesis Global Trading CEO Michael Moro is quite pleased with this development. In a recent interview, Moro commented that obtaining the BitLicense was an important step in the right direction for the firm. It is also a testament to how the company embraces robust compliance measures in order to become an established cryptocurrency trading platform. The firm is also registered with the SEC and FINRA, which may have worked in its favor.
Whether or not this means Genesis Global Trading will suddenly become a powerhouse in the world of Bitcoin trading remains to be seen. It’s good to see the company acknowledge there are other currencies worth paying attention to besides Bitcoin. Ethereum, Bitcoin Cash, Litecoin, and XRP are all good examples of interesting currencies that aren’t Bitcoin. Exposing more consumers to all of these currencies will have a positive impact on the industry sooner or later.