Finally, Coinbase has received the approval from the New York Regulators to from a custodial firm for cryptocurrencies.
On Tuesday, The New York Department of Financial Services (NYDFS) announced that “It has approved the application of Coinbase for creating a Coinbase Trust Company LLC, as well as approving the Coinbase trust to offer custody services for the cryptocurrencies like bitcoin, bitcoin cash, ethereum, ethereum classics, litecoin, and ripple.”
Financial Services Superintendent Maria T. Vullo said: “New York continues to be a leader in creating, fostering, and responsibly regulating a financial services marketplace that promotes innovation, safeguards the industry and protects consumers through strong supervision.”
In an statement issued by, Coinbase COO and president Asiff Hirji, said “The New York State Limited Purpose Trust charter, which now enables Coinbase Custody to act as a Qualified Custodian for crypto assets, builds on our unparalleled success as a crypto custodian while holding the company to the same exacting fiduciary standards and oversight of other, mature financial institutions operating in New York. We applaud the leadership Superintendent Vullo has shown to guide the responsible growth of the cryptocurrency ecosystem and look forward to working with their offices in the future.”
“Since 2014, the New York Department of Financial Services has proven itself to be a strong advocate in its support for the responsible growth of the cryptocurrency industry,” he added.
In June the company said it is looking for a broker-dealer license, an alternative trading system license and a registered investment advisor license through the U.S Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).