SoFi gets virtual currency license in New York State

SoFi gets virtual currency license in New York State

SoFi Digital Assets, a subsidiary of Social Finance Inc., said it has won approval for a BitLicence by New York State financial regulators, which will allow the company to trade cryptocurrencies. 

SoFI, a San Francisco-based fintech, launched the ability to trade cryptocurrencies in September as part of its overall investment platform. The new approval allows the company to buy and sell virtual currencies, including bitcoin, Bitcoin Cash, Ether, Ether Classic, LiteCoin and Stellar Lumens, according to a release from the agency. 

“Putting our members’ interests first is our top priority at SoFi,” Anthony Noto, CEO at SoFi, said in the release. “That includes both offering individuals the products they want, like cryptocurrency inside SoFi Invest, as well as protecting them through a solid regulatory framework like that created by the New York State Department of Financial Services. 

The New York agency has granted 24 virtual currency licenses or trust charters since 2015. SoFi is now approved to trade virtual currency in 43 states plus Washington D.C., according to a spokesperson.

“DFS is committed to fostering innovation in New York’s vibrant virtual currency sector and ensuring its competitiveness as a market for new entrants,” Superintendent Linda Lacewell said in the release. 

Cover image: SoFi.

Topics: Cryptocurrency, Mobile Apps, Regulatory Issues

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