NEW YORK, May 17, 2018 /PRNewswire/ -- Genesis Global Trading, an industry pioneer and leader in over-the-counter digital currency trading, today announced that it has received approval from the New York Department of Financial Services (DFS) for a BitLicense. The license enables Genesis to facilitate the trading of several digital currencies, including bitcoin (BTC), with its institutional trading partners. Genesis is the first New York-based trading firm to receive the license. To date, Genesis has operated under a "safe harbor" provision with DFS that enabled digital currency trading.
Genesis provides access to institutional investors and high net worth individuals looking to buy or sell large sums of digital currencies. A regulated trading partner, Genesis provides deep pools of liquidity to its trading partners, same-day settlement, 24/7 trading, and deep institutional expertise developed from trading billions of dollars in digital assets since entering the industry in 2013.
"We are very pleased that DFS has approved the Genesis Global Trading BitLicense application," said Michael Moro, CEO, Genesis Global Trading. "Although we have operated under a safe harbor provision in recent years, today's decision is an important step forward and reaffirms the robust compliance measures we have enacted as an established trading partner."
In addition to bitcoin, Genesis has also been approved for offerings of Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), and Zcash (ZEC).
A broker-dealer registered with the SEC and FINRA, Genesis is a wholly-owned subsidiary of Digital Currency Group. DCG sits at the epicenter of the bitcoin and blockchain industry, building and investing in companies in more than 30 countries around the world. In addition to Genesis, DCG is the parent company of Grayscale Investments, the largest asset manager in the digital currency industry, and CoinDesk, a leading media and events company.
About Genesis Global Trading
Genesis Global Trading is a worldwide leader and established partner in over-the-counter digital currency trading, providing deep pools of liquidity to institutional investors and high net worth individuals. A broker-dealer registered with the SEC, FINRA, and the New York Department of Financial Services, Genesis is an industry pioneer and market maker that has facilitated billions of dollars in transactions since 2013.
SOURCE Genesis Global Trading