Bitcoin ATMs licensed from New York, now fully regulated

The New York tax authority has approved the creation of a Bitcoin ATM company, which will be able to offer its services in the state of New York.

Coinsource receives Bitlicense from New York's Financial Services Department

Coinsource Inc., the company behind a variety of Bitcoin ATMs in the United States, can now offer its services of buying and selling crypto-currencies throughout the US. State of New York. The New York Department of Financial Services (NYDFS) has granted the license to the company. This gave them what is called "Bitlicense" – a license that regulates companies related to cryptocurrency in the state of New York.

Coinsource Bitcoin ATMs cover 18 US states and the company plans to expand its service to all 50 US states in the future. The company claims it is "the largest Bitcoin ATM network in the world" and offers the lowest rates, the fastest speeds and the best live support. The approval by the Department of Financial Services is made after a thorough review. Maria Vullo, Commissioner of NYDFS, said:

Approval is another step in implementing strict regulatory safeguards and effective risk-based controls, while promoting responsible growth in financial innovation.

Does Bitlicense really promote growth and innovation?

NYDFS is convinced that Bitlicense promotes "growth" and "innovation" in the cryptography industry, but many companies and many executives do not agree. Only twelve of the controversial licenses have been awarded to cryptographic companies. In total, fifteen companies were relocated after the entry into force of the Bitlicense, leaving only a handful of the most well-known companies. The New York Finance Authority caused a sensation in the sector. Kraken General Manager Jesse Powell compared the settlement as follows:

New York is a former ex-cop who is abusive and controlling that you broke up 3 years ago, but she continues to chase you, casts a shadow over your new relationship and does not accept that you have gone on happily and that you are better off. #getoverit, "he said in a tweet.

Powell was upset and reacted to a report released by the New York public prosecutor alleging that Kraken and two other state stock exchanges were illegal.

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