Bitcoin Regulation

NY Regulators Issue BitLicense to Company With 88 Bitcoin ATMs

Georgi Georgiev | Feb 01, 2019 | 05:00

---

The New York State Department of Financial Services (NYDFS) has granted yet another Virtual Currency License (BitLicense) to one more NY-based bitcoin ATM company.

Cottonwood Vending Gets the Green Light

In a tweet on the official page of the NYDFS, the regulator announced that it has granted a BitLicense to Cottonwood Vending LLC, a Bitcoin ATM company in New York.

DFS Grants Virtual Currency License to Cottonwood Vending LLC, Continues to Advance Responsible Innovation in New York’s Fintech Industry

— NYDFS (@NYDFS) January 31, 2019

Earlier this month, Bitcoinist reported that the NYDFS issued a BitLicense to LibertyX, which became the first regulated company to allow New Yorkers to buy bitcoin from traditional ATMs.

This marks the third BitLicense issued to a bitcoin ATM company. Before LibertyX and Cottonwood Vending, the NYDFS issued the regulatory permit to Coinsource back in 2017, following a lengthy three year application period.

88 More Bitcoin ATM Locations

Following the latest BitLicense, New Yorkers now have 88 more Bitcoin ATM locations where they can purchase the cryptocurrency using cash.

According to the official website of Cottonwood Vending, the 88 locations are concentrated mainly in the the five boroughs but also a few locations in Long Island. Several locations also support both buying and selling (2-way) bitcoin.

BTM tracking website, Coinatmradar suggests that there are now 2577 locations in the US alone, with the overall number surpassing 4270.

Additionally, the NY regulator appears to be determined to continue advancing innovation in New York. Following the approval of LibertyX last month, Superintendent Vullo said:

DFS continues to lead the way in responsibly supervising and advancing innovation in New York’s flourishing financial technology sector through a strong state-based regulatory regime.

What do you think of the quick advance of Bitcoin ATMs? Don’t hesitate to let us know in the comments below!

Images courtesy of Shutterstock