We are pleased that the New York State Department of Financial Services has granted Cumberland New York a BitLicense, the company's official X account posted.
As one of the only principal trading firms to hold a BitLicense, we look forward to strong trading relationships with institutional New York counterparties, the company added.
While the BitLicense regime aimed to regulate the emerging crypto industry on a state level since 2015, it faced criticism for stifling innovation and concerns over auditing processes.
Cumberland, a subsidiary of DRW, was selected by Fidelity Investments to facilitate bitcoin trading for the company's spot bitcoin ETF earlier this year.
#cumberland-drw #bitlicense #new-york-state-department-of-financial-services #cryptocurrency-regulation #high-frequency-trading
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