The license enables the payments processor to transact business with companies and consumers based in New York. Businesses based in New York can leverage BitPay to accept Bitcoin and Bitcoin Cash for purchases from users globally. Further, residents with Bitcoin and Bitcoin Cash are able to make purchases.
The Department of Financial Services conducted a comprehensive review of BitPay’s application, including the company’s anti-money laundering, know your customer, anti-fraud, capitalization, and cybersecurity policies.
BitPay is the eighth company to receive a virtual currency License from the Department of Financial Services in the State of New York joining the ranks of Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, XRP II and Circle Internet Financial, and charters to Gemini Trust Company and Paxos (formerly itBit Trust Company).
Founded in 2011, BitPay enables businesses to send and receive cross border payments, also enabling consumers to manage digital assets with the BitPay Wallet and turn digital assets into dollars with the BitPay Prepaid Visa Card. The company has offices in North America, Europe, and South America.