ErisX Secures Virtual Currency License from the New York State Department of Financial Services
CHICAGO, IL and NEW YORK, NY, May 6, 2020 — 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 them 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 is now offering a fee holiday, a selection of professional tools for all levels of investors, and has removed account minimums. New Yorkers can now create an account and book their first trade.