eToro announced it secured a virtual currency and money transmitter license from the New York State Department of Financial Services (NYDFS). Now, the social investing and trading platform will be able to offer crypto services in the state through its eToro NY subsidiary.

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, said eToro Yoni Assia co-founder and CEO.

eToro combines the community-led approach of social media with intuitive investing tools and prides itself on the simplicity of its user experience. On eToro users can learn, practice, invest and share ideas.

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Why It Matters: The development comes as part of eToros vision to empower people to grow their knowledge and wealth. With this access, eToro customers in New York can join the 45% of American retail investors who say they want to diversify into cryptocurrency assets.

The right time to start investing is always now and we are incredibly excited to bring eToros unique proposition to the residents of New York State, said eToro US CEO Lule Demmissie. eToro remains a long-term supporter of crypto and diversified investing at large. Earning the badge of an innovator means working closely with regulators, both in the US and globally, to shape the future of the crypto industry and champion access for the Main Street investor.

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