Crypto Trading Company Cumberland Wins a BitLicense in New York

Reading Time: < 1 minute

On Monday, Cumberland DRW announced that its New York-based entity had been granted a BitLicense by the New York State Department of Financial Services (NYDFS).

This license, which is a major achievement for the digital asset trader and liquidity provider, allows them to operate in the state.

The company’s official X account shared the news, expressing their satisfaction with the NYDFS’s decision. They also highlighted the significance of this license, as it positions them as one of the few principal trading firms to hold a BitLicense.

They expressed eagerness to establish strong trading relationships with institutional New York counterparties. Introduced in 2015, BitLicense is a regulatory framework designed by New York to govern cryptocurrency-focused businesses.

While it is seen as a pioneering effort in regulating the nascent industry at a state level, it has received criticism for impeding innovation.