Important update for Uphold members in the state of New York.
Uphold has been working with the Financial regulators at the Department of Financial Services (DFS) in the State of New York to obtain a BitLicense, which is required of all digital-currency businesses dealing in cryptocurrencies. As one of the earliest companies to submit for a BitLicense, we progressed through the application process and our understanding was Uphold could allow residents of New York to transact in cryptocurrency while waiting for the license to be granted.
State licensing rules change quite often and recently we were instructed by the DFS of a change to their process. This change requires Uphold to temporarily stop all cryptocurrency activity for Uphold members in the state of New York until the license application process completes.
During this time, members of the state of New York will be unable to hold, move, convert, receive, send, buy or sell cryptocurrency within Uphold. We anticipate this disruption to be short-term as we continue to work closely with the DFS throughout the licensing process. We apologize again for any inconvenience it may cause.