Crypto ATM Network Coinsource Expands Into Upstate New York

With a New York state Bitlicense in hand, Coinsource is now expanding into new areas. And with the addition of machines in four more states, the cryptocurrency ATM network now operates over 200 kiosks in more than 20 American jurisdictions.

Also Read: Bitstamp to Deploy Market Surveillance to Fight Price Manipulation

Empire State of Mind

Coinsource, the Texas-based cryptocurrency ATM network, has announced plans to expand into upstate New York, where it will install kiosks in Albany, Syracuse, Buffalo and Rochester. The move comes shortly after the company revealed it had secured a virtual currency license, or Bitlicense, from the New York State Department of Financial Services.

“We started Coinsource because we believed in the power of Bitcoin, and its accessibility to those whose access to financial institutions has been hindered. Now that New York State regulators have given Coinsource the seal of approval, it is our hope that New Yorkers across the state will seize the opportunity to access the digital asset class of the future,” said Sheffield Clark, CEO of Coinsource. “We are dedicated to operating within all 50 states, and fully expect our expansions to continue as the technology matures and the general public begins to understand and utilize cryptocurrency to a greater degree.”

4 More US States

The cryptocurrency ATM network has also announced it has expanded into North Carolina, Virginia, Maryland and Delaware. This bring the total number of jurisdictions that Coinsource operates its Bitcoin Teller Machines (BTMs) in to 23, including North Carolina, Virginia, Delaware, Florida, California, Oklahoma, Nevada, Texas, Louisiana, Missouri, New Jersey, New York, Pennsylvania, Tennessee, Arizona, Georgia, Rhode Island, New Hampshire, Massachusetts, Colorado, Maryland and the District of Columbia.

“The expansion of BTMs into these additional cities, and four new states, further demonstrates the results of a regulatory compliant campaign. Coinsource made every effort to remain compliant with stringent regulations; we hope to be an example that compliance in key, and directly related to a project’s success,” said Arnold Spencer, general counsel for Coinsource. “This expansion is not only a step in the right direction for mainstream adoption, but should also be seen as a case study for other companies to make every effort to remain compliant with current regulations.”

Should crypto ATM providers seek a seal of approval from local governments? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.