According to BlockBeats, digital asset trader and liquidity provider Cumberland DRW announced on June 18th that it has been granted a virtual currency license, known as BitLicense, by the New York State Department of Financial Services (NYDFS). The license was awarded to the company's New York entity.
The company expressed its pleasure over the development. An official statement from the company's official X account read, 'We are delighted that the New York State Department of Financial Services has granted Cumberland New York a BitLicense.' This license will allow Cumberland DRW to legally operate and offer its services in the state of New York, which is known for its stringent financial regulations.
The BitLicense is a business license for virtual currency activities, issued by the NYDFS. It is one of the most prominent regulatory licenses for companies dealing with digital assets, and its acquisition is seen as a significant achievement in the industry. The granting of this license to Cumberland DRW signifies the company's compliance with the regulatory standards set by the NYDFS.