Binance Coin
(+3%) – business license for the use of crypto


Firstly business license for the use of cryptocurrencies with a long list of conditions. It was released in New York in 2017 by

After that, BitLicense is a business license for the use of cryptocurrencies with a long list of conditions. After that, Top basic rules for business cryptocurrency exchange Virtual currency control exchange operations, development of appropriate software, etc. In addition, The business community has accepted the license for cryptocurrency exchange

Above all, This is provides protection and proves to users the legit site. These rules were added inside the platform.

The license is valid for legal entities Licensee’s

The regulations define virtual currency business activity as anyone

List of activities

The license is valid for legal entities Development and dissemination of software in and of itself In addition, Merchants and consumers utilize virtual currency solely for the purchase or sale of goods or services or for investment purposes.


Above all, Compliance in the crypto-ecosystem can be complex and is ever-changing. Compiling the necessary information for a bit license is definitely a tax For instance, expensive process, and one more realistically accomplished only by larger, more well-funded companies. Secondly To discuss the “significant changes” to the approved organization. – to include M&A deals, In addition, Must be reported to the NYSDFS. For instance, they were supposed to give In addition, This requirement goes beyond ordinary business – business license

Above all, Each Licensee must maintain a specific amount of assets to ensure their “financial integrity and ongoing operation.”

In other words, The exact amount will be based on a number of factors determined by the superintendent (the NYSDFS department executive). For instance, These factors include the composition of the Licensee’s total assets and Above all liabilities, the actual and expected volume of the Licensee’s “Virtual Currency Business Activity,” Custody and protection of customer assets In addition, To protect customer assets the Licensee must maintain

However Surety bond or trust account in USD, in an amount determined by the superintendent. In other words The licensee of cryptocurrency exchange However Tories or maintains custody of a clients’ Virtual Currency. Therefore The Licensee must be able to match the type and amount they are holding, Above all cannot sell or transfer the clients’ VC without direct permission.

Material changes to business

In other words, The Licensee cannot introduce new products, services, or activities. Or make material changes to existing products, services. Activities without the superintendent’s approval. After that, The Licensee must make, keep, In this paragraph, and preserve Similarly (in their original format) all of its’ books and records for a minimum of seven years.

The Department of Financial Services

For instance “all facilities, books, records, documents, or other information maintained by the Licensee or its Affiliates.” However For a complete list of requirements for record-keeping In addition, healthy financial condition, strong safety, and soundness practices, and its complete compliance with this regulation Thirdly Quarterly financial statements and audited annual financial statements In conclusion, The Licensee must have a written anti-money laundering policy and monitor for suspicious activity that may signify money laundering, Similarly, Tax evasion, or other illegal or criminal activity.

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