Coinsource recently announced that it has become the first digital asset ATM provider to be granted a Bitlicense in the state of New York. The company joins 12 other organizations that have already received the license for virtual currency businesses from the New York Department of Financial Services (NYDFS).In its press release, DFS stated that the firm’s operations have undergone a thorough and strict screening process to ensure appropriate anti-money-laundering and know-your-customer mechanisms are in place and compliance with the DFS monitoring and cybersecurity regulations.
“All New Yorkers — from the people that are unbanked to the people who own the banks — can use our kiosks in their neighborhood retail locations to buy bitcoin instantly in a convenient and familiar way,” stated Sheffield Clark, CEO of Coinsource,
The company currently operates 40 BTMs located in New York City, Westchester and Nassau County.
The “approval is a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation,” Superintendent of Financial Services for the State of New York Maria T. Vullo said in a statement.