Bitcoin ATM Operator to Get NY's BitLicense

This is the first time BitLicense was issued to the operator of Bitcoin ATMs
02 November 2018   550

New York State Department of Financial Services (NYDFS) has issued the 12th BitLicense. It was granted to Texas-based Coinsource. This is reported by CoinDesk.

Coinsource is a Bitcoin ATM operator and already has 40 terminals in New York, having worked until today under a pre-license.

Coinsource General Counsel Arnold Spencer noted that this is the first time BitLicense was issued to the operator of Bitcoin ATMs, adding that its receipt indicates the correctness of the company's business model and compliance with all regulatory and legal requirements.

It's been a long, involved process. The initial application was [in 2015, and] since then what we've seen is a great deal of diligence on NYDFS' part, really pushing us to both explain and in some cases improve our policies and procedures.

Arnold Spencer

General Counsel, Coinsource

During this time, Coinsource has gone from a company with three employees and several ATMs to more than 20 employees and over 200 cars. Accounts of the company were also subjected to a full audit .

The company notes the fast operation of its ATMs through a proprietary system for user verification.

Currently, Coinsource customers can only buy and sell bitcoins, but cannot send them to other addresses. However, having a remittance license in 18 states, the company hopes that next year it will receive similar licenses in all other states.

At that point in time, we'd be in a position to have people deposit cash into machines and transfer bitcoin into a third-party wallet, provided both customers were registered.

Arnold Spencer

General Counsel, Coinsource

Coinsource plans to enter the markets of Japan, South Africa and Puerto Rico, and the latter is likely to be the first, since the company also has a license there. In addition, it is planned to add support for other cryptocurrencies. 

Craig Wright to Claim to be Satoshi Again

He explained that the false information surrounding Bitcoin and blockchain-derived systems made him come out of the shadows
18 February 2019   96

A senior researcher at nChain, Craig Wright, sent the Commission on the US Exchange Commodity Trading (CFTC) introductory information on cryptocurrency mechanics in response to a request from the Office. But even in the official document he did not miss the opportunity to remind everyone that it was he who allegedly was the creator of Bitcoin Satoshi Nakamoto.

My name is Dr. Craig Wright and under the pseudonym of Satoshi Nakamoto I completed a project I started in 1997 that was filed with the Australian government in part under an AusIndustry project registered with the Dept. of Innovation as BlackNet. Ethereum is a poorly designed copy of bitcoin designed with the purpose of completing the promise of smart contracts and scripting that were delivered within bitcoin but which were hobbled by the core developers of bitcoin who sought to enable anonymous transactions to exist within the system. 

Craig Wright


Earlier in February, the “self-proclaimed Satoshi Nakamoto” announced that he possesses a patent, allegedly capable of restricting the right to issue JPM Coin.

In October 2017, Craig Wright made a mistake confirming that he was not Satoshi Nakamoto.