Crypto trading firm Cumberland secures New York BitLicense
The New York State Department of Financial Services lists 33 companies holding licenses, allowing them to offer crypto-related products and services.
The New York State Department of Financial Services (NYDFS) has granted cryptocurrency trading firm Cumberland a BitLicense, authorizing it to operate as a virtual currency company.
In a June 17 announcement, Cumberland said it planned to engage in “strong trading relationships with institutional New York counterparties” with the BitLicense. The firm is one of only 33 companies listed on the NYDFS website holding a license, though it claimed to be “one of the only principal trading firms” to do so.
Since 2015, crypto firms operating in the state of New York have largely been required to apply for a BitLicense to offer products and services. Some critics, including New York City Mayor Eric Adams, have suggested scrapping the program, claiming it stifled innovation and economic growth.
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