New York’s Financial Regulator Is Reviewing The Controversial BitLicense

Updated : 2019-10-23T10:30:25

According to CoinDesk, speaking at Georgetown University’s Institute of International Economic Law during DC Fintech Week, NYDFS Superintendent Linda Lacewell said the agency was looking into the BitLicense, which requires any companies conducting cryptocurrency transactions with New York residents to be licensed to operate within the state, even if the companies are based elsewhere.

The license, considered the toughest such state regulation in the country, has long been unpopular with blockchain startups, who complain of onerous paperwork and long approval times. Kraken, an exchange headquartered in San Francisco, chose to leave New York rather than comply. The Seattle-based Bittrex exchange was forced out of New York earlier this year after failing to secure a BitLicense.