Cryptocurrency news

NYDFS approved issuing BitLicense to a subsidiary of ErisX

NYDFS approved issuing BitLicense to a subsidiary of ErisX

Eris Clearing, a subsidiary of cryptocurrency derivatives provider ErisX, has received a BitLicense to conduct clearing and settlement from the new York state Department of financial services (NYDFS).

The license will allow the firm to carry out settlement and clearing activities and provide services to residents of the state working in the cryptocurrency industry.

According to ErisX CEO Thomas Chippas, it was not easy to get a license, given the lengthy process of registration and verification of documents. In addition, it is necessary to comply with the high standards of NYDFS applicable in the capital markets and applied in the cryptocurrency industry.

In 2019, the us commodity futures trading Commission (CFTC) issued ErisX a license to clear cryptocurrency derivatives (DCO), which allowed The firm to legally issue bitcoin futures contracts. Chippas said that ErisX branches can now operate in 47 States and jurisdictions, including new York.

“We intend to work openly with regulators to create innovative products and services without problems, as well as conduct a safe business in accordance with all the requirements of regulatory authorities. This proves getting a BitLicense license,” he said.

In the fall, NYDFS planned to simplify the procedure for issuing BitLicense to cryptocurrency companies and exchanges due to the fact that the license is no longer in demand among startups. However, in January, new York state Governor Andrew Cuomo demanded tougher regulation of cryptocurrency companies and expanded the powers of NYDFS.