New Yorkers Can Not Trade NYCCoin Due To BitLicense Requirement

Even though NYCCoin is a digital coin created specifically for New Yorkers, they can not trade the coin. According to the developers of the token, the asset was inspired by the mayor of the city, Eric ADAMS, who promised to make the city crypto-friendly.

Despite the huge promises of the coin, the city’s BitLicense requirements made it impossible for residents to access the coin, Bloomberg reports. While New Yorkers can mine the token based on the Stacks protocol, the city's BitLicense rules prevent residents from trading the token. The rule, which came into force in 2015, obliges any crypto exchange that will operate in the city to have a license.

BitLicense is a business license for firms wishing to engage in cryptocurrencies in New York. Due to strict registration requirements, only a few crypto exchanges have received permission from the authorities to operate in the city. Some of the largest US crypto exchanges such as FTX, Crypto.com, Kraken and Binance.us are not allowed to operate in New York. Interestingly, none of the licensed exchanges operating in New York have listed NYCCoin. This means that city residents can not buy or sell a token created specifically for them.

Image: Bitcoin Dynamic