Cumberland DRW, a major digital asset trader and liquidity provider, said on Monday that the New York State Department of Financial Services 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 Cumberland New York a BitLicense," the company's official X account "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.is New York's landmark regulation for cryptocurrency-focused businesses put in place in 2015. While the regime spearheaded efforts to regulate the emerging crypto industry on a state level, it has attractedCumberland is a subsidiary of Chicago-based high-frequency trading company DRW.
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