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Coinsource, the world’s largest Bitcoin ATM company, has become the 12th organization to receive a “BitLicense” from the New York State Department of Financial Services (DFS).

According to the announcement, Coinsource is the first DFS virtual currency licensee to operate Bitcoin Teller Machines (BTM), which allow users to withdraw as little as $5 and as much as $5,000 per day. It reportedly took more than three years for Coinsource to obtain the license.

“Today’s approval is a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation,” said Financial Services Superintendent Maria T. Vullo. “New York’s financial services marketplace is thriving with companies committed to complying with DFS’s regulations that ensure the security of transactions, safeguard the industry and protect consumers.”

Coinsource currently operates a total of 200 machines in 18 states. The Texas-based company has 40 Bitcoin kiosks throughout New York, including New York City, Westchester and Nassau County.

Coinsource

This news comes several months after New York granted licenses to both Square and Bitpay. Other license holders include GeminiCoinbase and Circle.

More: DFS Grants Virtual Currency License to Coinsource, Inc.
Related: Coinbase Custody Gains New York Regulatory Approval for XRP, BTC, BCH, ETH, ETC and LTC

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

Voyager

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