New Yorkers cannot trade the city’s NYCCoin token

The Bitlicense requirements have made it impossible to access the coin

01.03.2022 - 12:10

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What’s new? New Yorkers cannot trade the city’s NYCCoin token because of the strict Bitlicense requirements. Due to the lack of a license, some of the largest US crypto exchanges, such as FTX, Crypto.com, Kraken, and Binance.us, are not allowed to operate in New York. But even licensed platforms (such as Coinbase) have not put NYCCoin up for trading, so locals can only mine the token, Bloomberg reports.

Bloomberg’s material

What is Bitlicense? This is a business license for firms wishing to engage in cryptocurrency activities in New York. Due to the strict requirements, only a few companies have been able to get this permit.

The BitLicense system has come under criticism from billionaire investor Bill Ackman, who called on the governor and mayor of New York to “look into the regulations.” According to the city’s leading token developer, BitLicense acts as “an onerous obstacle that limits innovation.”

What similar tokens exist? NYCCoin is not the only coin created for a US city. Miami also has its own crypto asset, MiamiCoin. But unlike New York City, Miami residents can trade their own token. In addition, NYCCoin has not been approved by the city or its mayor.

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