The New York State Department of Financial Services (NYDFS) has granted cryptocurrency trading firm Cumberland a BitLicense, authorizing it to operate as a virtual currency company.

In a June 17 announcement, Cumberland said it planned to engage in “strong trading relationships with institutional New York counterparties” with the BitLicense. The firm is one of only 33 companies listed on the NYDFS website holding a license, though it claimed to be “one of the only principal trading firms” to do so.

Since 2015, crypto firms operating in the state of New York have largely been required to apply for a BitLicense to offer products and services. Some critics, including New York City Mayor Eric Adams, have suggested scrapping the program, claiming it stifled innovation and economic growth.

Related: Cumberland Labs unveils SaaS API for public blockchains and DeFi protocols

New York authorities have been pursuing a case against Genesis Global Trading and crypto firm Gemini for allegedly defrauding investors through the Gemini Earn program. In January, Genesis agreed to pay $8 million and surrender its BitLicense as part of a settlement with the NYDFS. The New York Attorney General’s office also settled with Genesis and Gemini, banning the companies from operating in the state and running a crypto lending service, respectively.

Before the United States Securities and Exchange Commission approved the listing and trading of a spot Bitcoin (BTC) exchange-traded fund on exchanges in January, Fidelity chose Cumberland as one of the firms to trade BTC for the investment vehicle. The firm operates out of North America, Europe, and Asia.

Magazine: ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters