In August 2015 Department of Financial Services (DFS) in the USA asked all the digital currency trading companies to acquire a BitLicense in order to trade with digital currency in New York state. After this regulation, a large number of crypto companies left the state due to the strict regulatory requirements.
Genesis Global Trading, which is a subsidiary of the Digital Currency Group, became the first New York based trading firm with a BitLicense from the New York Department of Financial Services (DFS) on May 17, 2018. Genesis is the fifth trading firm in the United States of America (USA) holding BitLicense from DFS. After getting BitLicense Genesis Global Trading will be able to trade in Bitcoin (BTC), Ethereum (ETH), Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), and Zcash (ZEC).
According to the sources Genesis has traded in billions of dollars worth of cryptocurrency since 2013. There are many other crypto trading firms working on getting BitLicense to operate in the state of New York, the Square Cash app is one of them.