Coinsource Receives First BitLicense to Operate Bitcoin ATMs in New York

Bitcoin News | Crypto News | Latest News

The world’s largest bitcoin ATM company has finally received official approval to operate in New York. They had previously been operating in New York almost since the company’s inception via a provisional license. Last year, they received coverage in the New Yorker and have frequently been in the news with word of new ATMs across the country. Coinsource is creeping toward 200 machines, the majority of which are two-way ATMs — meaning that users can buy and sell bitcoin through them. Coinsource ATMs support transactions from $5 to a limit of $5,000 per day.

BitLicense #9

Coinsource believes that real-world bitcoin ATMs are important for the adoption of bitcoin as a whole. According to an external spokesperson, regulations are worth the wait in that they “legitimize” things. Speaking of their BitLicense being granted, she said:

“Coinsource has been operating with a provisional license within that state, so the approval of the license does not necessarily change the service, but further legitimizes the company as a whole. Being granted an official license is a huge step towards general adoption. […] This milestone demonstrates to both other crypto companies and the general public that if you remain compliant and play by the rules, you will be rewarded.”

Coinsource CEO Sheffield Clark added in a statement:

“From the onset, our goal was to provide millions of Americans with a reliable and convenient way to buy digital currency. Bitcoin is no longer a fringe currency, and in 2018, is increasingly being adopted by the mainstream. Today, with the issuance of the virtual currency trading license to a BTM operator, the bitcoin industry takes another step toward public adoption.”

Coinsource is the first and only bitcoin ATM operator to be granted a full BitLicense. New York being the hub of finance in the United States, it presents an important opportunity to expand the user base of bitcoin and later other cryptocurrencies as a whole.

BitLicense Frequent Source of Frustration to Bitcoiners

Whether or not the regulations will have a positive or negative impact on bitcoin companies remains to be seen. Regulation, in general, can have both positive and negative impacts on innovation, but in the case of the BitLicense, it can be argued that it discourages companies from operating in cryptocurrencies rather than another type of regulation which might encourage them to do so.

The BitLicense has been an intense subject of debate and worry since it was first proposed and later implemented by the New York Department of Financial Services. Several exchanges and other bitcoin service providers no longer work in New York State as a result of the licensing scheme, which many believe opens the door for favoritism and the picking of winners, among other problems.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

Leave a Comment

Latest Crypto News

After Raising $80Million TenX Founder Linked to Pyramid Scheme

TenX president Julian Hosp has been implicated in connection with an Austrian discount shopping service called Lyoness. Lyoness has been declared an illegal pyramid scheme in Norway, Austria, and Switzerland. A video has emerged that appears to show Hosp presenting an

CoinAlpha Gets SEC on Their Ass

CoinAlpha got served with a cease and desist order today from the SEC on the grounds of operating as an unregistered entity. The SEC also accuses the company of being sneaky in the way of

Gazprom Bank Crypto Moves

In terms of assets, the above-mentioned bank is the third largest in Russia, with a management capital in form of assets worth $3.1 billion. And for this reason, for a renowned world power in every

Argo Blockchain Not Feeling the Crypto Winter

Crypto mining company Argo today reported that in the midst of the current bear crypto market, it is registering significant growth and more demand. Up until mid-November, Bitcoin prices had been holding out at the

Who Is Bitcoin’s Anonymous Whale?

A wealthy Bitcoin wallet which had remained inactive for the last 5 years made a surprising hefty deposit of 66, 233 BTC  ($256 million) two days ago. Now, Bitcoin whales (people who hold large amounts

Nexo Dividend Pay-outs Catapults it to the Top

Nexo is a blockchain based system that allows users to access instant loans in fiat dollars by using cryptocurrencies as collateral. This was interesting as the only way cryptocurrencies were in use was through selling

G-20 Okays Cryptocurrency Taxation

Regulation of cryptocurrencies has been a long time coming with the process full of twists and turns. Many countries have set up legislation or are in the process of doing so; it’s not unnatural that

Madness: Venezuela Raises Its Cryptocurrency Price

Venezuela’s President Nicholas Maduro announced on national television on Thursday that the country’s native cryptocurrency Petro’s price had been increased from 3,600 sovereign bolivars to 9,000. Petro was launched early 2018 in the middle of

A Flying Look At Blockchain Tech And Bitcoin

Do you need to know more about Bitcoin and blockchain tech in a hurry? Want to learn what mining is or what block time is? Or just more about the topic in general? The sheer

Sign Up Below!
Airdroppin the Latest Crypto News, Trading Strategies, Tools, & Reviews



1
Bitcoin
Bitcoin
$3,551.98
1.00%
3
Ethereum
Ethereum
$92.656
-0.11%
2
XRP
XRP
$0.3062
-0.64%
6
Bitcoin Cash
Bitcoin Cash
$106.65
-2.59%
9
Litecoin
Litecoin
$25.120
-3.69%
11
Cardano
Cardano
$0.030937
0.72%
4
Stellar
Stellar
$0.1191
-0.64%
18
NEO
NEO
$6.258
-1.02%
7
EOS
EOS
$2.005
7.50%
13
IOTA
IOTA
$0.2420
1.30%

Crypto Guides & Tutorials

 Crypto Reviews

Subscribe to Our Social Media Daily Crypto Memes
Follow, Like, and Share Our Memes With The World


Pin It on Pinterest

Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
Plus Free Crypto Trading Guides, Tutorials, Latest Crypto News,
and Altcoin Reviews. (Coming Soon: Pro Trading Signals)
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
Plus Free Crypto Trading Guides, Tutorials,
Latest Crypto News, and Altcoin Reviews
(Coming Soon: Pro Trading Signals)
DOWNLOAD NOW
We hate spam as much as you do. Unsubscribe anytime.
SIGNUP FOR YOUR FREE
CRYPTO COIN JUNKY
HANDBOOK