itBit Hires Former NYDFS General Counsel

Bitcoin businesses and the New York Department of Financial Services have had a rocky relationship over the past several months. While the NYDFS and their former head honcho Benjamin Lawsky, who served as the organization’s Superintendent up through June of this year have sworn that their methods are being invoked to provide aid and financial security, many digital currency firms have expressed anger and disappointment, claiming regulation harms innovation and customer privacy. Many businesses, ranging from LocalBitcoins to Kraken have simply packed up their bags and left New York or flat-out refused operations with customers currently residing in the Big Apple. Any New Yorkers interested in buying and selling Bitcoin are now being forced to cross the river into New Jersey.

While the ball continues to bounce back and forth, some businesses have stepped into enemy territory bearing a white flag, acknowledging the rules and taking an oath to play fairly. Recently, popular bitcoin exchange Bitstamp announced that it had applied for an appropriate license in New York in compliance with NYDFS regulations and the BitLicense. Bitstamp apparently feels they have too many customers in the big city, and they’re not willing to take a chance on a losing

Read more ... source: NewsBTC USA