BitLicense Approval for Anchorage Digital: A Major Milestone in Institutional Crypto Services

Anchorage Digital, a leading crypto platform catering to institutional clients, has received approval for a BitLicense from the New York State Department of Financial Services. This approval authorizes Anchorage Digital’s subsidiary, Anchorage Digital NY, LLC, to offer regulated crypto trading services to institutions based in New York.

What is a BitLicense?

The BitLicense is one of the most sought-after licenses in the crypto industry, allowing companies to provide digital asset services within New York state under a stringent regulatory framework. This approval marks a significant milestone for Anchorage Digital as it continues to expand its institutional services.

“We are excited to announce that the New York State Department of Financial Services has approved our subsidiary, Anchorage Digital NY, LLC, for a BitLicense.”

Expanding Institutional Services

With the addition of BitLicense-regulated trading, Anchorage Digital can now offer services to New York-based registered investment advisors and large institutional asset managers. The company’s agency trading desk will enable these clients to access liquidity and execute trades within a regulated environment.

Anchorage Digital also offers custody and settlement services through Anchorage Digital Bank N.A., ensuring regulatory clarity and security throughout the trading process.

Benefits for Institutional Clients

The approval of the BitLicense brings several benefits to institutional clients, including:

  • Access to a regulated trading environment
  • Increased liquidity and execution capabilities
  • Regulatory clarity and security throughout the trading process
  • Compliance with stringent regulatory frameworks

Nathan McCauley, CEO and Co-Founder of Anchorage Digital, called the approval a “major step forward” for both the company and the digital asset industry. He highlighted Anchorage’s dedication to collaborating with regulators to meet the growing demand for secure and compliant crypto services.

Full capabilities are expected to be operational in early 2025. For more news and updates on the crypto industry, visit Global Crypto News.

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