Brian Armstrong, Coinbase CEO and Co-founder said, "At Coinbase, our first priority is to ensure that we operate the most secure and compliant digital currency exchange in the world. New York is an important market and we look forward to expanding our services for New York customers as swiftly as possible." After rigorous review, DFS has approved five firms for virtual currency charters or licenses, while denying those applications that did not meet DFS's standards.