The Seed CX Institutional Crypto Exchange is licensed by the New York City regulator

Two units of the Seed CX derivative platform have been licensed by the New York State Department of Financial Services (NYDFS) to provide cryptocurrency services.

NYDFS Superintendent Linda Laswell reported Monday that Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC, both members of Seed CX, have received BitLicense licenses and Zero Hash licenses to provide services as a money transfer operator.

This year, Seed CX started servicing the spot market. The company also expects to obtain regulators' permission to launch forward contracts.

Thanks to the new license, SCXM is able to legally collate orders from buyers and sellers of cryptocurrencies in New York City, as well as trade in asset blocks. The offer also applies to large financial companies.

Laswell noted that by today her department had already issued more than 20 such licenses.

"License approval will open up new opportunities for institutional clients and ensure consumer protection by introducing robust anti-money laundering and cybersecurity standards in the ever-growing global financial services market," she added.