The New York State Department of Financial Services (NYDFS) has issued a BitLicense to Cumberland, a cryptocurrency trading company, allowing it to function as a virtual currency entity. Cumberland intends to establish strong trading partnerships with institutional counterparts in New York using the BitLicense. As one of the 33 firms holding this license, Cumberland asserts itself as a leading principal trading firm. Since 2015, crypto businesses in New York have needed a BitLicense to operate. Critics, such as Mayor Eric Adams, have criticized the program for hindering innovation and economic progress. New York authorities have taken legal action against Genesis Global Trading and Gemini for alleged investor fraud. Fidelity selected Cumberland to trade Bitcoin for an investment vehicle before the SEC approved a spot Bitcoin ETF. Cumberland operates across North America, Europe, and Asia. Read more AI-generated news on: https://app.chaingpt.org/news