COTTONWOOD BECOMES SECOND CRYPTOCURRENCY RO RECEIVE BITLICENSE IN NEW YORK
U.S.-based cryptocurrency ATM operator Cottonwood Vending has been granted regulatory approval to operate in the state of New York. As such, Cottonwood has become the second cryptocurrency ATM operator to receive a Bitlicense by the New York State Department of Financial Services (NYDFS).
The Virtual Currency License will allow Cottonwood to operate as a legitimate money transmitter and digital currency exchange. To sustain the license, Cottonwood will be required to demonstrate that robust anti-money laundering and cyber securities processes are in place, and maintain transaction records for 10 years.
Cottonwood operates the largest cryptocurrency ATM network in New York, with almost 100 machines currently in place. The company generated $35 million in revenue during 2018.
In November 2018, the world’s largest cryptocurrency ATM operator, Coinsource, became the first crypto ATM operator to receive a Virtual Currency License from New York.
NUMBER OF OPERATIONL CRYPTOCURRENCY ATMS EXCEEDS 4000 WORLDWIDE
All rights reserved for the original source of this information news.bitcoin.com (Bitcoin.com)
https://news.bitcoin.com/cottonwood-second-atm-operator-bitlicense/
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