BitGo Applies to Be Regulated Custodian in New York State

BitGo Applies to Be Regulated Custodian in New York State

BitGo CEO Mike Belshe (CoinDesk archives)

Crypto custody provider BitGo has filed paperwork with New York’s financial regulator to offer its services in the state.

In an announcement Tuesday, the company said it was seeking approval from the New York State Department of Financial Services (NYDFS) to act as a trust in the jurisdiction.

It plans, if approved, to operate as an “independent, regulated qualified” custodian under the state banking law.

BitGo said it was targeting “strong demand” from institutional investors based in New York for secure and regulated storage of large amounts of digital assets.

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