Bitcoin Daily: NYDFS Takes New Look At Virtual Currency License; Binance To Add Support For Crypto/Fiat Trading

The New York Department of Financial Services (NYDFS) is taking a closer look at the BitLicense, which requires all companies that process cryptocurrency transactions with New York residents to be licensed — even if the firms are based outside the state.

“This is a good time to take a look, a responsible look, and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to sort of a changing industry … that’s going to be one of the things that [we do],” NYDFS Superintendent Linda Lacewell said at Georgetown University’s Institute of International Economic Law, according to CoinDesk.

It’s not surprising that the license is unpopular with crypto firms. But despite the agency’s desire to revisit the regulation, Lacewell warned the audience not to jump to conclusions, adding that there will be more of a focus on comparing how the crypto industry has changed since the BitLicense’s launch in 2015.

“How has the industry grown? Has it matured in any way? And I don’t want to get too specific, but you know, it’s a good time for a second look,” Lacewell said.

In other news, Binance.com plans to add support for trading between fiat and crypto.

“In about two weeks or so, we should have support for Russian rubles trading directly. So you [will be able to] buy cryptocurrencies on Binance.com using rubles,” Binance CEO Changpeng Zhao “CZ” said at the Open Innovations conference in Moscow, Russia, according to The Block Crypto.

Last week, Binance added euro (EUR) and British pound (GBP) to its API. And in August, the company announced plans to launch its blockchain project, Venus, to develop localized stablecoins and digital assets pegged to fiat currencies across the globe. “Binance is looking to create new alliances and partnerships with governments, corporations, technology companies, and other cryptocurrency companies and projects involved in the larger blockchain ecosystem, to empower developed and developing countries to spur new currencies,” the company wrote in a blog post at the time.