Israeli social investing and trading platform eToro received its money transmitter and crypto license, also known as BitLicense, from the New York State Department of Financial Services.
The new permits will allow the platform to offer its crypto services in New York.
- In addition to crypto services, customers in the state will be able to access eToro’s virtual portfolio, integrated social investment tools, and trading services for stocks and options.
- EToro co-founder and CEO Yoni Assia called the New York licenses a key milestone in the company’s expansion across the U.S.
- EToro already offers some of its services in the U.S., with eToro USA Securities Inc. as a broker-dealer and eToro USA LLC as a money services provider.
- The date the platform plans to start operation in the state has yet to be disclosed.
- BitLicense has been issued by the New York State Department of Financial Services for eight years to let a company offer virtual currency services under regulations in the state.
- To date, BitLicense has been given to 33 entities, including eToro, PayPal, and CoinCafe.
- The license has been criticized many times over the years for restrictive measures, long wait times, and high compliance costs.
