New York Department of Financial Services grants virtual currency licenses to Seed CX subsidiaries

The New York Department of Financial Services (DFS) has awarded licenses to two subsidiaries of the Chicago-based cryptocurrency exchange Seed CX, Financial Services Superintendent Linda A. Lacewell announced.  

DFS has provided both Seed Digital Commodities Market (SCXM) and Zero Hash with virtual currency licenses. Zero Hash has also obtained a money transmitter license.

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SCXM can now offer services to large financial institutions and trading firms as a matching engine for cryptocurrency buyers and sellers and a platform for cryptocurrency block trades. Since Zero Hash has become a licensed money transmitter, it will be responsible for transaction settlement.

"As virtual currency license holders we will be able to expand trading and settlement services to New York firms through our institutional platform that offers the strong institutional technology, the operational support, and the regulatory compliance that institutions demand,”  said Seed CX CEO Edward Woodford.

Up to date, DFS has approved more than 20 virtual currency businesses, said Lacewell.