Coinsource announced on Thursday 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).
The Bitlicense was created in 2015 and has been controversial since the day it was introduced. However, because New York is one of the world’s biggest financial centers, large cryptocurrency companies such as Circle, Coinbase and Bitflyer have already secured approval to offer their services in the state. Coinsource will be the 12th company to be granted the Bitlicense and the first crypto-ATM provider to be permitted to operate legally in the state.
The company applied for the Bitlicense in the summer of 2015, but it and other businesses have been able to operate over the years by using provisional licenses. Coinsource, a Texas-based cryptocurrency ATM operator, has made a lot of headway over the years, with 200 BTC-dispensing ATMs across the U.S. and 40 kiosks in the state of New York.
He said, A large number of customers use BTC-dispensing ATMs as an alternative to online exchanges, which often have issues such as long transaction delays and poor customer service support, Clark said, adding that Coinsource also expands access to digital assets. “This is a landmark day for Coinsource, but an even more important win for New Yorkers.”