Payments Firm Square Receives BitLicense from New York

Digital payments startup Square has received a BitLicense through the NY Department of Financial Services.

AccessTimeIconJun 18, 2018 at 3:30 p.m. UTC
Updated Dec 12, 2022 at 12:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Digital payments firm Square has received a BitLicense from regulators in the state of New York.

The company announced Mondayhttps://www.dfs.ny.gov/about/press/pr1806181.htm that the New York Department of Financial Services granted the license. Square first indicated back in March that it had submitted paperwork to receive a BitLicense, a move later confirmed by a spokesperson.

"DFS is pleased to approve Square's application and welcomes them to New York's expanding and well-regulated virtual currency market. DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place," Superintendent Maria Vullo said in a statement.

Square's bitcoin-buying option – through its Cash app – first debuted last fall, after which the company began steadily providing access to a greater number of users. New York had, until today, remained a major U.S. market in which Square had yet to receive permission to operate.

The company's move into the crypto space has already proven its worth, recent figures show. In May, Square reported that it had booked a small profit on $34 million in crypto-related revenue through is Cash app.

Jack Dorsey image via CoinDesk

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.