JP Morgan to trade Bitcoin futures

JP Morgan traders will be able to begin trading Bitcoin futures by December 2017
26 November 2017   1325

Despite the statement of Jamie Dimon, CEO of JPMorgan Ltd., who faced a lot of controversy after saying that Bitcoin is a fraud, stating that it is necessary to fire anyone “stupid enough to trade bitcoin”, it came to light that JP Morgan will let its traders begin trading bitcoin futures.

J.P. Morgan, an American multinational banking services holding company headquatered in New York City, is considering the option of providing the clients with access to a new Bitcoin product of CME through its futures-brokerage unit. As it is known JPMorgan Securities Ltd. has already been trading Bitcoin through custodian accounts in Sweden since September, when the corporation made buying and selling Bitcoin operations using Sweden’s Nordic Nasdaq stock market. 

It seems like JPMorgan decided to respond to the customers' growing demand for Bitcoin and plans to launch Bitcoin futures trading on December 11.

Previously, it was reported that JP Morgan faced allegations from Swiss Financial Market Authority for breaking rules of money laundering.

In the end of October 2017, the world’s largest derivatives exchange, CME Group, unveiled its plans to launch Bitcoin futures during the fourth quarter of 2017, along with Man Group, the world’s largest publicly traded hedge fund, that was making plans to launch Bitcoin futures trading, and BitMEX, which announced Bitcoin Cash futures trading.

BitPay to Receive New York's BitLicense

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers
17 July 2018   102

The well-known cryptocurrency processing service BitPay obtained a license to work with virtual currencies in the state of New York. Known also as BitLicense, this license is issued by the New York Department of Financial Services (NYDFS) and grants its holders the ability to conduct activities related to cryptocurrencies in the state.

NYDFS has carefully studied the company's application, including its policy on measures to combat money laundering, customer identification, fraud prevention, cybersecurity. The financial situation of the company was also thoroughly analyzed.

New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.

Stephen Pair

CEO, BitPay

Having received BitLicense, BitPay can now conduct business with New York-based companies and consumers: the first will be able to use the company's processing services to accept payments in Bitcoin and Bitcoin Cash, the latter will pay for various goods and services using these two BitPay supported cryptos.

Note that BitPay was only the eighth company that received BitLicense. Other license holders are Square, Xapo, Genesis Global Trading, bitFlyer USA, Coinbase, Ripple and Circle. In addition, special permissions for operations with crypto-currencies are exchanged by Gemini and itBit.