Xapo Gives Up Its NYDFS BitLicense

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Cryptocurrency exchange Xapo has surrendered its BitLicense, according to the New York regulator which oversees the virtual currency license.

The New York Department of Financial Services (NYDFS) announced Wednesday that Xapo “surrendered” its virtual currency license the day before. It did not say why the exchange did so. Xapo first received its BitLicense in 2018.

This marks the first time an issued virtual currency license has been suspended in New York.

“New York customers of Xapo who may have unclaimed funds associated with a Xapo account may wish to refer to the Unclaimed Funds website of the Office of the New York State Comptroller,” the statement from NYDFS said.

Xapo and NYDFS spokespeople did not immediately return a request for comment.

Crypto exchange Coinbase, a fellow BitLicense recipient, acquired Xapo’s institutional business in 2019.