May 6, 2020
DFS GRANTS VIRTUAL CURRENCY AND MONEY TRANSMITTER LICENSES TO ERIS CLEARING, LLC
Superintendent of Financial Services Linda A. Lacewell today announced that the New York State Department of Financial Services (DFS) has approved the application of Eris Clearing, LLC, the clearing entity in the ErisX family of companies, for virtual currency and money transmitter licenses.
“DFS continues its commitment to fostering financial innovation in New York,” said Superintendent Lacewell. “Today’s approval is another step in expanding virtual currency activities in the State and promoting New York’s support for financial innovation, which will be especially important as we work to reopen the economy of the world’s financial capital.”
These licenses will enable Eris Clearing to offer New York customers the ability to buy and sell virtual currency on the ErisX platform. Eris Clearing also serves as a clearing entity for the virtual currency futures contracts bought and sold on ErisX.
“We are pleased that the NYDFS recognized our commitment to the high standards we borrowed from existing capital markets structures and applied them to the cryptocurrency space,” said Thomas Chippas, CEO of ErisX. “Our technology stack as well as regulatory framework, operations, and transparent marketplace are building blocks from the established commodity markets. They help us best protect our Members from market abuse and manipulation and preserve market integrity.”
Since 2015, DFS has approved 25 entities to engage in virtual currency business activity in New York State, including today’s announcement.
Additional information regarding DFS’s regulation of New York’s virtual currency marketplace can be found here.