Genesis Global Trading has received approval from the New York Department of Financial Services (DFS) for a BitLicense.
The license enables Genesis to facilitate the trading of several digital currencies, including bitcoin, with its institutional trading partners.
Genesis is the first New York-based trading firm to receive the license, having prior to now operated under a "safe harbour" provision with DFS that enabled digital currency trading.
"Regardless of the fact that cryptocurrencies trade worldwide, New York is still a major financial centre and so to have a firm here approved under this regime is a milestone moment for all of us,” Michael Moro, CEO of Genesis, tells Profit & Loss.
The New York Department of Financial Services (DFS) has fined Deutsche Bank $205 million as part of a consent order for violations of New York banking law.
As investigation by the DFS determined that from 2007 to 2013 Deutsche Bank repeatedly “engaged in improper, unsafe, and unsound conduct in its foreign exchange business due to its failures to implement effective controls”.
In addition, the DFS says that for certain time periods parts of Deutsche Bank’s electronic trading platforms had the potential to improperly disadvantage customers and improperly affect markets, when certain applications did not perform as intended.