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The United States is known for its strict, stiff-necked regulations on virtually every financial transaction done in the state. This is to ensure that American investors are protected from fraudsters.
These dogged regulations also extend to the crypto sphere where every activity is screened before inception. This makes it worth celebrating as Coinsource, the largest BTM (Bitcoin Teller Machine) operator, eventually received a Bitlicense from the New York Department of Financial Services after about three (3) years of intensive review.
This is a great achievement both for the BTM industry and the crypto sphere as a whole as it shows that at least some government institutions has come to embrace the numerous benefits that cryptocurrency has to offer and it believes in the growth and sustainability of the digital currency technology.
Although the Bitlicense has been issued to eleven (11) crypto-related firms already, Coinsource still stands as the first BTM operator to receive the digital currency license to operate Bitcoin Teller Machines in the state.
Prior to the approval, the US-based Bitcoin ATM operator had placed over 200 BTM touchscreen kiosks across the State with 40 of such kiosks located in New York City. This latest development is aimed at providing New Yorkers with the opportunity to buy and/or sell Bitcoin for fiat currency. With the BTMs, New Yorkers can now exchange their Bitcoin in their Bitcoin wallet for raw cash by scanning their mobile wallet at any of the Coinsource BTM kiosks. They are also allowed to buy Bitcoin by inserting the equivalent value in fiat currency into the BTM kiosks. I’m positive you would agree that this is not only fast and convenient, it is also as safe as it comes.
Before the advent of the Bitcoin Teller Machines, crypto-customers are subjected to the risks and vulnerabilities that come with buying and selling cryptocurrencies online. Well, that is no longer the case as the Bitcoin Teller Machines provide you with a fast, reliable, and safe means of exchanging cryptocurrencies.
With pride and excitement, Sheffield Clark (CEO of Coinsource) commented on the achievement saying that their customers can now buy and sell Bitcoin with confidence that the firm meets (and even exceed) the high standards of the New York DFS. He went further to thank the New York DFS for their display of trust in the future and sustainability of cryptocurrency and blockchain technology as a whole.
To protect the US crypto-investors, the Bitlicense issued to Coinsource is subjected to a close regulation by the NYDFS and liable for withdrawal if the BTM firm refuses (at any point in time) to comply with the regulations.
I believe this is the last piece of the puzzle to finally equalize virtual currencies with fiat currency. Well, something even bigger and better could be in the pipeline already. Let’s keep our hands crossed and our hearts open to change with the innovative changes that cryptocurrency has to offer.