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A bitcoin company, Circle has announced full compliance of its service with the New York's BitLicense. Additionally, Circle now allows users to send and receive U.S. dollars using an account linked to a bitcoin wallet.

 

To operate legally, all companies that supply digital currency services to the residents of the state of New York should have applied for a licence before 8 August. Bitcoin companies had to follow strict KYC/AML rules and pay an application fee of $5,000. If the license application is refused, the company must cease its operations in New York.

Circle customers can now hold U.S. dollars in their Circle accounts, which are interoperable with Circle bitcoin wallets. Users can keep U.S. dollars in their account and at the same time send and receive bitcoins that are turned into fiat currency immediately. Circle has been granted Money Transfer License for the U.S. dollar transactions in the state of New York according to the company’s official blog.

“We founded Circle to help people share value in the same way they share other kinds of content and messages on the Internet: for free, safely, and instantly anywhere in the world. <...> Today we took another step toward realizing that goal. Now in the United States, you can send, receive, and hold US dollars in addition to using bitcoin for payments within the Circle app,” the blog post reads.
The Circle app is now rebranded as Circle Pay and supports debit and credit cards transfers with no fees on debit cards transactions. The debit card usage is recommended as the quickest and the cheapest. The bank transfer is also possible but might take a few days to process.

Circle claims to be the first company granted a BitLicense. As we wrote recently, Coinsetter also applied for the BitLicense in order to continue operating in the state of New York. 

 

Aliona Chapel