Maria Vullo of the New York state Department of Financial Services. Photo Credit: Rick Kopstein/ALM. The New York Department of Financial Services has granted a cryptocurrency license to Square Inc., Superintendent Maria Vullo announced on Monday. The state's top financial regulator said that the company founded by Twitter Inc. CEO Jack Dorsey had obtained the license giving New York residents the ability to buy and sell bitcoin through its Cash App. The company already has a money transmitter license from the state. On June 14, DFS also announced that it had issued a virtual currency license to Xapo Inc., and authorized Paxos Trust Co., formerly known as itBit Trust Co., to offer exchange and custody services for Ether, Litecoin, Stellar Lumens and Bitcoin Cash, which are emerging cryptocurrencies, on its virtual currency exchange. Square Inc. is now the ninth firm approved by New York state for a virtual currency license or charter, according to the department. The DFS has issued licenses to bitFlyer USA Inc., Circle Internet Financial Ltd., Coinbase Inc., Genesis Global Trading Inc., Xapo and XRPII. The department has granted charters to Gemini Trust Co. and Paxos (formerly itBit Trust Co.) The department said it has denied licenses and charters to firms that did not meet its standards. “DFS is pleased to approve Square's application and welcomes them to New York's expanding and well-regulated virtual currency market,” Vullo said i n a statement. Brian Grassadonia, head of Cash App, said, “We are thrilled to now provide New Yorkers with Cash App's quick and simple way to buy and sell bitcoin,” also in a statement. Vullo announced guidance in February reminding virtual currency companies licensed in New York that they must implement measures to “detect, prevent and respond” to fraud and be “vigilant against efforts at market manipulation.”