New York Regulator Greenlists 10 Cryptocurrencies, XRP approved for Custody

by | Aug 9, 2020

The New York State Department of Financial Services (DFS) has created a Greenlist of pre-approved cryptocurrencies for custody service and listing. XRP has been approved for custody but is yet to be green listed for listing.

The DFS, the Bitlicense regulator, has published a Greenlist of 10 cryptocurrencies for custody and eight cryptocurrencies for listing. The list was updated on August 3 and as the DFS notes:

“Any entity licensed by DFS to conduct virtual currency business activity in New York may use coins on the Greenlist for their approved purpose(s). Note that if a licensed entity decides to use a coin on the Greenlist, it must inform DFS prior to beginning its use.”

The 8 cryptocurrencies approved for both custody and listing are: Binance USD (BUSD), Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Gemini Dollar (GUSD), Litecoin (LTC), Pax Gold (PAXG), Paxos Standard (PAX), while XRP and Ethereum Classic (ETC) are only approved for custody.

The news first appeared on XRP not getting approved for listing yet might have to do with the lack of regulatory clarity and the on-going legal battles against Ripple claiming XRP is unregistered security.

One of the lawsuits filed in the State of New York was recently moved to California, possibly to be consolidated with the other ongoing lawsuit (Zakinon v. Ripple Labs) there.