Robinhood Crypto and Moon Inc now BitLicensed in New York

By Katelyn James | January 29, 2019

The New York Department of Financial Services (DFS) has granted “virtual currency licenses”, or BitLicenses, to US-based crypto companies Robinhood Crypto and Moon Inc, with the former also being issued a money transmission license.  

“DFS continues to lead the way in responsibly supervising and advancing innovation in New York’s flourishing financial technology sector through a strong state-based regulatory regime,” said Financial Services Superintendent Maria Vullo in DFS’ press release (Jan 24).

DFS has authorized Robinhood Crypto to offer services for buying, selling, and storing seven virtual currencies, including Bitcoin, Ether, Bitcoin Cash, and Litecoin. Its parent company, Robinhood, is for retail customers in the US to trade stocks and options on a commission-free basis through Robinhood Financial.

Moon Inc is a subsidiary of crypto ATM provider LibertyX. In New York, LiberyX will provide the sale of Bitcoin through debit terminals, and is the first DFS virtual currency licensee to allow using debit cards to buy Bitcoin from traditional ATMs.

CoinDesk noted that some 16 companies now hold the virtual currency license since it was first established by DFS in 2015.

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