A New York-based bitcoin exchange platform, Coinsetter has applied for the BitLicense and will continue to operate in the State of New York.

 The company announced the submission of the application with the New York Department of Financial Services in a press release, sent to CoinFox. Now it’s officially authorised to legally service New York customers.

Jaron Lukasiewicz, CEO of Coinsetter, said:

“While we serve a global user base of bitcoin traders, New York has long been Coinsetter’s home. We are happy to announce that Coinsetter will continue to be headquartered in New York City, a global capital of banking and financial technology, and to serve customers throughout New York State.”

He also added:

“While sometimes a controversial topic in our industry, regulatory licensing is a requirement for bitcoin exchanges in some states. Fulfilling our licensing requirements plays an important role in providing sustainable service to customers over the long term. Some exchanges have decided to discontinue operations in New York. We will take a more difficult path in order to make sure New York residents continue to have a high quality bitcoin exchange available to them.”

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 is refused, the company must cease its operations in New York.

Coinsetter offers margin trading and other bitcoin trading tools providing the Wall Street experience for firms and individuals. One of the features of the Coinsetter exchange is that it allows clients to execute trades prior to sending a bank transfer.


Daria Petushkova