Linda Lacewell, Department of Financial Services.State Regulator Approves Two Companies for Virtual Currency Licenses in NY
Both companies are subsidiaries of Seed CX Ltd., a larger digital asset exchange company based in Chicago.
July 15, 2019 at 05:15 PM
2 minute read
Two companies were given the green light to operate on the virtual currency marketplace in New York on Monday, the state Department of Financial Services announced.
Seed Digital Commodities Market LLC, also known as SCXM, and Zero Hash LLC were granted virtual currency licenses by the agency. Zero Hash was also approved for a money transmitter license.
Both companies are subsidiaries of Seed CX Ltd., a larger digital asset exchange company based in Chicago. The two new virtual currency licenses approved Monday mark the third and fourth since DFS Superintendent Linda Lacewell joined the agency in February.
“As virtual currency license holders we will be able to expand trading and settlement services to New York firms through our institutional platform that offers the strong institutional technology, the operational support, and the regulatory compliance that institutions demand,” said Edward Woodford, co-founder and CEO of Seed CX.
DFS has authorized SCXM to serve as a matching engine for buyers and sellers of cryptocurrencies, like bitcoin, and as a platform for cryptocurrency block trades for large financial institutions and trading firms. Zero Hash will act as a money transmitter for the trading activity resulting from its affiliated exchange.
“The department's approval of these new licenses will provide institutional customers with more choice while also protecting consumers and the public through strong anti-money laundering, cybersecurity and other compliance standards in a continuously evolving global financial services marketplace,” Lacewell said.
DFS has approved more than 20 virtual currency businesses since it started licensing those companies in 2015. The agency was the first on the state and federal levels to promulgate regulations overseeing the virtual currency industry.
READ MORE:
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Mayor's Advisory Committee To Hold Hearing on Fitness of Judicial Candidates
2 minute read
Mayor's Advisory Committee To Hold Hearing on Fitness of Judicial Candidates
1 minute read
Mayor's Advisory Committee To Hold Hearing on Fitness of Judicial Candidates
2 minute readTrending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
