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On-chain Sleuth Question ConsenSys About BitLicense 2m ago by

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ConsenSys is under scrutiny for lacking a BitLicense in New York State.

Virtual currency businesses in New York require BitLicenses.

On October 13, a blockchain investigator questioned ConsenSys’ BitLicense status on X.

ConsenSys, a leading Ethereum-focused software company, is facing scrutiny from the blockchain community regarding its lack of a BitLicense to operate in New York State.

To provide some context, the BitLicense is a business license that’s required by New York for companies conducting “virtual currency business activity,” which involves storing, holding, or maintaining control of virtual currency on behalf of others. It was instituted in 2015 to regulate cryptocurrency activities and protect consumers.

On October 13, blockchain investigator Mr. Huber posted questions on how ConsenSys has been able to avoid obtaining a BitLicense, given its extensive involvement in the Ethereum ecosystem, via two posts on X (formerly Twitter).

How is it possible that @ConsenSys doesn’t have or need a BitLicense? Clearly they are involved in virtual currency activities? Just think about Token Foundry or litteraly anything they do? @JohnEDeaton1 @Marc_Fag…

The post On-chain Sleuth Question ConsenSys About BitLicense appeared first on Coin Edition.