Following a roughly seven month long application process, the New York startup that allows institutional and HNW clients to trade cryptocurrencies across multiple exchanges through one portal has secured its license to business in NY from the Department of Financial Services.
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Peter Thiel Backed Crypto Broker Secures its BitLicense
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In order to secure the virtual currency permit, as well as a money transmission license, Tagomi faced DFS questions about cybersecurity and its anti-money laundering practices. With the new BitLicense, the firm has chosen to trade with Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in New York—though the DFS has given the firm approval to trade additional cryptocurrencies as well. “The Department’s approval of Tagomi’s virtual currency and money transmitter licenses provides consumers with more choice and more protection in a continuously evolving global financial services marketplace,” DFS Acting Superintendent Linda Lacewell said in a statement.
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