PayPal gets its full New York BitLicense, and now lets users transfer crypto to external wallets
PayPal has been granted a full BitLicense from the New York Department of Financial Services, the company announced in a press release. This makes PayPal the first company to trade in a conditional BitLicense for the real thing. New York introduced its BitLicense in 2015 as a way to regulate businesses that provide customers with the ability to buy and sell cryptocurrency in the state. However, some crypto advocates criticized the policy, stating it could potentially make it harder for businesses to get involved in crypto. In 2020, New York launched a proposed conditional BitLicense in response, a supposedly more streamlined process for obtaining the documentation. Companies are encouraged to get a full BitLicense, however, as guidelines indicate that businesses with the conditional license “will endeavor to eventually seek and obtain a full BitLicense.” PayPal seems to have followed this suggested path, as it was granted a conditional BitLicense in 2020 before getting its full license two years after.