Square Applies for a Bitlicense to Extend Bitcoin Trading to New York

Square started testing Bitcoin trading features last year and rolled out for more customers in December. It excluded four states with strict regulations. However, users in Wyoming can also trade on the app following passage of regulations that favor crypto services.

Digital payments company Square confirmed on Twitter on Tuesday that they want a license that will see users in New York area buying and selling Bitcoins on its Cash App. While it won’t be the first to facilitate such in the state, a number of companies have stopped offering similar services in the state for lack of licenses.

The company launched in-app Bitcoin trading in February for most users in the United States. But excluded four states that have strict regulation. Wyoming, Hawaii, Georgia and New York were in the list of exempts.

However, users in Wyoming can trade Bitcoins using the app following the passage of a legislation that eases burden on cryptocurrency firms. These are now exempt from the state’s money transmission statutes and can launch crypto services in the state.

The company started testing Bitcoin trading features in November last year. It then rolled out access to more customers in December. Though there was no limit to sell, customers can purchase a limit of up to $10,000 in bitcoin purchases a week through the app. Users can also send Bitcoins to other app users, directly.

Square, which holds Bitcoins on behalf of its customers on the app. However, it would calculate prices based on prices across major exchanges. They said they would not add other fees to Bitcoin transactions.

Share your opinions on Square’s Cash App that allows NY users to trade cryptocurrencies in their niche. Stay connected with us on Twitter and Telegram to get more information on Crypto Trading. 

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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