New York Financial Regulators Grant BitLicense to Bitcoin ATM Operator
The New York State Department of Financial Services (NYDFS) has granted a virtual currency license, or BitLicense, to Cottonwood Vending LLC.
Cottonwood Vending is a Bitcoin (BTC) ATM operator with terminals in New York City and the surrounding area. According to the tweet, the granting of such licenses “continues to advance responsible innovation in New York’s fintech industry.”
Bitcoin ATMs, or BTMs, are touchscreen kiosks that enable users to deposit cash and either buy Bitcoin, or to scan their mobile wallet, sell their crypto, and withdraw cash. Sales and purchases sync automatically to users’ mobile wallets.