ErisX Secures Virtual Currency License From the New York State Department of Financial Services

CHICAGO & NEW YORK--()--ErisX today announced that Eris Clearing, LLC has secured a virtual currency license from the New York State Department of Financial Services (NYDFS). Eris Clearing is the clearing and settlement arm of the ErisX platform for spot and regulated futures on cryptocurrencies.

To date, the ErisX entities are licensed to operate in 47 states and jurisdictions, including New York; in 2019 ErisX also secured a Derivatives Clearing Organization (DCO) license from the Commodity Futures Trading Commission for their futures market and clearinghouse to complement a Designated Contract Market (DCM) license already held since 2011. While the CFTC does not have oversight of the spot market, ErisX applies CFTC core principles from the futures markets, bringing these time-tested standards and methods to cryptocurrency trading in the spot market to protect investors and to preserve market integrity.

“We are pleased that the NYDFS recognized our commitment to the high standards we borrowed from existing capital markets structures and applied to the cryptocurrency space,” said Thomas Chippas, CEO of ErisX. “Our technology stack as well as regulatory framework, operations, and transparent marketplace are building blocks from the established commodity markets bringing familiarity, reliability and conventionality to the crypto markets.”

ErisX is supported by a robust list of investors who understand the importance of licenses, regulatory requirements, CFTC core principles and proven infrastructure. ErisX offers a selection of professional tools for all levels of investors and is now offering for individual accounts a fee holiday for spot trading and no account minimums. New Yorkers can now create an account and book their first trade.

About ErisX

ErisX offers individuals and institutions a single, innovative platform to access digital asset spot and futures markets. By combining professional tools, advanced technology, sophisticated regulatory oversight, and a diverse product set, ErisX offers compliant, capital markets friendly workflows to digital market participants. Backed by some of the world’s largest trading firms and financial institutions, ErisX brings transparency and reliability to the digital asset class. ErisX, Eris Exchange, and the ErisX and Eris Exchange logos are trademarks of the Eris Exchange group of companies.

ErisX Futures are offered through Eris Exchange, LLC, a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization (DCO). The CFTC does not have regulatory oversight authority over virtual currency products including spot market trading of virtual currencies. ErisX Spot Market is not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight. ErisX Spot Market may be subject to certain state licensing requirements and operates in NY pursuant to a virtual currency license (Bitlicense).

Contacts

For Media Inquiries
Jessica Darmoni
jessica.darmoni@erisx.com
+1 312 358 3963

Contacts

For Media Inquiries
Jessica Darmoni
jessica.darmoni@erisx.com
+1 312 358 3963