Two divisions of the Seed CX derivative platform became licensed by the New York State Financial Services Department (NYDFS) to provide cryptocurrency services.
NYDFS Superintendent Linda Laswell said on Monday that Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC, which are part of Seed CX, have received BitLicense licenses, and Zero Hash is also authorized to provide services as a money transfer operator.
This year, the Seed CX has started servicing trading in the spot market. The company also expects regulatory approval for launching forward contracts.
Thanks to a new license, SCXM can legally engage in matching applications from buyers and sellers of cryptocurrencies in New York, as well as trading in blocks of assets. The offer applies to large financial companies as well.
Laswell noted that to date, her office has already issued more than 20 such licenses.
“Approval of licenses will open up new opportunities for institutional clients and will ensure consumer protection through the introduction of reliable standards for countering money laundering and cybersecurity in the global financial services market that continues to grow,” she added.