Square, Headed by Twitter CEO, Receives New York’s Ninth BitLicense

[kreslik.news]

Square Inc., a payments company founded and run by Twitter CEO Jack Dorsey, was awarded a coveted license to deal in cryptocurrencies in New York.

Square was granted a so-called BitLicense by the New York State Department of Financial Services (NYDFS), becoming only the ninth such firm to win approval to operate in the state. It now legally operates as a money transmitter and digital currency exchange, according to a company statement.

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In order to maintain BitLicense license, a provider must fulfill various reporting requirements and comply with standards on anti-money ... (read more)