Wednesday, June 28, 2024 – The subsidiary trading firm of DRW, Cumberland, announced its New York entity was granted the BitLicense by the New York State Department of Financial Services via X. 1
BitLicense offered Cumberland to conduct virtual currency business in New York.
The procurement of essentials in the crypto industry permits Cumberland to launch its operations in New York under the current regulatory system.
Cumberland said it was looking forward to collaborate with trading giants in the New York State.
Cumberland posted on X, saying:
“We are pleased that the New York State Department of Financial Services has granted Cumberland New York a BitLicense.”
The BitLicense was introduced in 2015 and is issued by DFS under the New York Financial Services Law.
Background
In 2015, the New York State Department of Financial Services (NYDFS) established the BitLicense, a regulatory framework for businesses involved in virtual currency activities within New York.
The BitLicense mandates strict compliance with consumer protection, anti-money laundering (AML), and cybersecurity standards. By obtaining this license, companies gain legal authorization to conduct virtual currency activities like buying, selling, and storing them within the state.
Cumberland LLC, a subsidiary of DRW Holdings, LLC, is a leading firm in the cryptoasset space, providing deep liquidity to institutional investors through traditional voice markets and electronic trading solutions like their Marea platform.
They offer various trading products, including spot cryptocurrency liquidity, options, futures, bilateral crypto options, and non-deliverable forwards.
Founded in 1992 by Chicago Mercantile Exchange options trader Don Wilson (hence the initials DRW), DRW Holdings, LLC (commonly known as DRW) is a major player in the world of proprietary trading. Headquartered in Chicago, DRW deals in a wide range of financial instruments, from fixed income and options/derivatives to energy, agriculture, and even cryptocurrency.
With offices spanning the globe, from Amsterdam to Singapore, DRW has established itself as one of the largest trading firms in the world.
