financemagnates.com
eToro, an Israel-based social trading network, has been granted the virtual currency license, also known as the BitLicense, by the New York State Department of Financial Services. The state regulator also granted a money transmitter license to eToro, the trading network announced on Tuesday, adding that it secured the license through eToro NY LLC, its subsidiary in the United States.
eToro in a statement on its website explained that the licenses mean that it could offer stocks, crypto and options trading features to New Yorkers. The firm added that it intends to extend its virtual portfolio and integrated social investing tools to residents in New York once eToro NY LLC becomes operational.
“Securing our BitLicense and Money Transmitter License in New York is a key milestone in the continued expansion of our US business and a testament to the commitment of our team in partnering with regulators and state entities,” Yoni Assia, eToro’s Co-Founder and Chief Executive Officer, said in the statement.
The new development is the latest in a series of growth moves by eToro. Earlier this month, the social trading company opened up all investment assets to users in Brazil, exempting only forex and contracts for difference. eToro cited the need to meet regulatory requirements for the exemption.
Furthermore, the firm in late January introduced 'InvestorAI-US,' an artificial intelligence-powered portfolio that targets high-growth firms operating in the United States. The portfolio was launched in partnership with UK startup Bridgeweave.
However, eToro said the new portfolio is not yet available to users in the United States.