The New York State Department of Financial Services (DFS) has approved a BitLicense for crypto brokerage platform Tagomi Trading, a subsidiary of Tagomi Holdings, to make it its 18th such approval since it began regulating the virtual currency market in 2015.
According to DFS’s press release (Mar 27), it has given Tagomi the authority to handle virtual currency, conduct money transmission, and offer trade routing and order execution services for non-securities versions of virtual currencies. This includes Bitcoin, Ether, Bitcoin Cash, and LiteCoin.
Tagomi is an institutional-grade aggregation platform for trading virtual currency assets at scale, executing trades across multiple liquidity venues. Its CEO Greg Tusar said, “We are excited that DFS has approved our application as New York’s first agency brokerage for virtual currencies… We appreciate the DFS’s thorough review and careful approach to virtual currency market participants to make for a more transparent and equitable virtual currency landscape.”
“We prioritize transparency and fairness with our services. We look forward to working with the DFS as we grow our business and cement our presence with New York’s client base,” said Tagomi’s General Counsel, Dhawal Sharma.
Tagomi Trading first went ‘live’ last December. Earlier in March, Tagomi raised an additional $12 million in a funding round to reach a total of $28 million raised to date. Its aim was to offer prime brokerage to crypto hedge funds.
Tagomi now joins the likes of Robinhood Crypto and Moon Inc, which The Crypto Sight reported had received their BitLicenses in January.