Coinbase licensed by NYDFS for virtual currency services

Coinbase has received approval from the New York State Department of Financial Services (NYDFS) to operate in New York. This license allows Coinbase to legally offer its services in one of the most regulated markets for cryptocurrency in the U.S.

Coinbase’s NYDFS license approval

The NYDFS approval is a major milestone for Coinbase, allowing it to expand its customer base and offer a secure, compliant platform for trading cryptocurrencies. The license strengthens Coinbase’s commitment to meeting regulatory standards and boosts user confidence in its legal compliance and security.

New York’s strict regulations ensure consumer protection, anti-money laundering (AML), and know-your-customer (KYC) practices. With this license, Coinbase shows its dedication to following these rules, protecting user funds, and offering transparent, responsible services.

Virtual currency isn’t legal money, is not FDIC-insured, and can be very unstable, which can be risky for users. Coinbase charges fees for transactions depending on the payment method and size. If users have problems, they can contact customer support or file complaints with the appropriate state agency online or via email.

In Singapore, the company offers payment options like PayNow and FAST bank transfers and no-fee USDC purchases with SGD. Coinbase is also helping the local Web3 community by hiring talent, supporting startups, and partnering with key players.

Coinbase has also secured licenses from regulators like the U.S. Treasury’s FinCEN and state authorities in places like California, Wyoming, and Nevada. These licenses help Coinbase meet legal requirements for anti-money laundering and customer verification, allowing it to expand its services and maintain trust in the crypto market.

Pro-crypto legislation

With a pro-crypto administration and a Republican-controlled Congress, there’s hope for fast progress on crypto regulations. These licenses will help Coinbase follow legal rules, expand its services, and build investor trust for long-term growth.

By obtaining this license, Coinbase can now offer its suite of cryptocurrency services to New York residents and businesses, further solidifying its position as a trusted and regulated leader in the cryptocurrency space.

Coinbase’s NYDFS license is an important step in providing a secure and compliant environment for users in one of the world’s largest financial markets.

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