Fintech Lender SoFi Gets Virtual Currency License In NY

Law360 (December 3, 2019, 8:02 PM EST) -- Fintech lender SoFi received the green light to open cryptocurrency trading to New Yorkers on Tuesday as the New York Department of Financial Services announced its approval of the San Francisco-based company’s applications for virtual currency and money transmitter licenses.

SoFi launched trading of digital assets on its SoFi Invest platform in response to customer demand in September, according to the company. The licenses provided to its subsidiary, SoFi Digital Assets LLC, would allow New Yorkers to trade digital currencies on its platform including Bitcoin, Ethereum and Litecoin.

New York was the first state in the nation to comprehensively license cryptocurrency companies...

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