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BY CNA Team - November 2, 2018

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Coinsource gets New York approval to operate bitcoin ATMs

Coinsource can now legally operate bitcoin ATMs in New York
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Coinsource, which operates a bitcoin-based automated teller machine (ATM) network, is now licensed by New York to operate touchscreen kiosks that allow users to transact bitcoins with cash.

The state’s financial services superintendent Maria Vullo says in a press release that Coinsource is the first licensee in the state to operate bitcoin teller machines.

“Today’s approval is a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation,” she points out.

“New York’s financial services marketplace is thriving with companies committed to complying with DFS’s regulations that ensure the security of transactions, safeguard the industry and protect consumers,” Vullo adds.

New York has to-date approved 12 charters or licenses for companies in the virtual currency marketplace.

The state’s granting of Coinsource’s license followed a comprehensive and rigorous review of the startup’s application that included important protections for New York markets and consumers.

Coinsource currently operates 40 bitcoin kiosks in New York City as well as Westchester and Nassau counties.

The startup also operates bitcoin kiosks in 17other states besides New York.

Image courtesy of Coinsource website.

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