Sofi BitLicense Receives NYDFS Approval

The New York Department of Financial Services' (NYDFS) has approved SoFi's BitLicense, a subsidiary of Social Finance, thereby agreeing and allowing its residents to get involved in digital currency trading. Announced by the Financial Services Superintendent Linda A. Lacewell, the report noted that the state financial regulators are ever committed to enhancing the digital currency sector with innovative ideas that foster competition to keep the market alive.

"The Department’s approval of SoFi’s virtual currency and money transmitter licenses provides consumers with more choices in a continuously evolving global financial services marketplace," Superintendent Lacewell said.

According to the report, SoFi Digital Assets has the potential to provide its New York Customers the market, which will enable them to buy and sell digital currencies like Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic, Litecoin, and Stellar Lumens.

Anthony Noto, CEO of SoFi, has said that they prioritize the interests of their customers, which they do by providing the services the members want, such as investing in digital currency and protecting their rights through regulations.

"We’re thrilled to now be able to offer the trading of cryptocurrency, in addition to active and automated investing, as part of SoFi Invest in New York State, in addition to the full suite of SoFi products that help our members borrow," Noto said.

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