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BitLicense went down in the history of the cryptocurrency market as the first official document in the United States, opening up the opportunity for companies to work with digital currencies in New York State. The license issued since 2014 has become a kind of special mark of business reliability due to the complexity of the procedure for obtaining it.
The XAPO custodian service received a BitLicense in 2018, becoming the sixth company in the register of the New York Finance Department (NYDFS), two days ago, the startup demanded that the department cancel this document.
This is the second time a crypto license has been filed in NYDFS history. The first voluntary cancellation was carried out by the cryptocurrency exchange Tagomi, after its acquisition by Coinbase. The XAPO custodian service was also acquired by Coinbase in 2019.
Perhaps, in this way, the American crypto exchange is trying to eliminate competition from competitors by becoming their owners. At the end of 2020, XAPO officially notified clients of the decision to cease operations in the US jurisdiction from March 2022.
Serving internationally will continue with a Gibraltar banking license. Earlier, the finance minister of the offshore state said that the government had already approved its issuance to XAPO.
#rejection #legendary #BitLicense