Genesis Trading Volume Grew by 50% Over the Year

As reported, in 2018, the volume of OTC transactions on Genesis increased by 50%
11 January 2019   156

According to representatives of the New York over-the-counter trader Genesis Global Trading, despite the long bear market, the company "has grown significantly." This is reported by The Block.

The letter to customers states that in 2018, the volume of OTC transactions on Genesis increased by 50%. In addition, in less than a year, the volume of cryptocurrency loans issued to institutional clients amounted to $ 1 billion.

Genesis Global Trading is a SEC and FINRA registered broker and is part of the business empire of Barry Silbert and his Digital Currency Group. Last May, it received a BitLicense, which allows it to operate in New York State.

The company began issuing loans in Bitcoin, Ethereum, XRP, Bitcoin Cash and other currencies in March last year. Borrowers, which include hedge funds and other financial institutions, use these funds to play to lower the price of digital currencies, as well as to hedge investment positions.

Exchanges Aren't Money Trasmitters, - Pennsylvania

Pennsylvania ruled that crypto exchanges do not fall subject to the Money Transmitter Act
24 January 2019   30

Cryptocurrency companies that provide money transfer services in Pennsylvania do not need a license to provide this service. This is stated in the new guide of the local Department of banking and securities.

Thus, only fiat currency, or currency issued by the United States government, is “money” in Pennsylvania. Virtual currency, including Bitcoin, is not considered “money” under the MTA. To date, no jurisdiction in the United States has designated virtual currency as legal tender.
 

Money Transmitter Act Guidance for Virtual Currency Businesses

In favor of such a decision, the fact that cryptobirds "never directly work" with Fiat and carry out transactions through bank accounts, said the Department added.

The rules also apply to owners of cryptocurrency terminals.

In both the one-way and two-way Kiosk systems, there is no transfer of money to any third party. The user of the Kiosk merely exchanges fiat currency for virtual currency and vice versa, and there is no money transmission. Thus, the entities operating the Kiosks would not be money transmitters under the MTA.
 

Money Transmitter Act Guidance for Virtual Currency Businesses

According to a December study, 15% of people send remittances from the US to cryptocurrency.