The New York State Department of Financial Services (NYDFS) has given cryptocurrency exchange ItBit the green light to add a host of new cryptocurrencies to its product offerings. With the approval, the previously BTC-only ItBit will now begin offering custody, escrow, over-the-counter (OTC) trading as well as exchange services for Bitcoin Cash (BCH), along with Ether (ETH), Litecoin (LTC), and Stellar Lumens (XLM).
In a statement, ItBit COO Andrew Changing said the regulatory approval enables the New York-based crypto trading platform to open the doors for individual and institutional investors to access crypto assets beyond BTC. Incidentally, ItBit was also the first crypto exchange to secure a banking law charter from the NYDFS in May 2015. Compared to the BitLicense, the state financial regulator’s banking license allows its holders to conduct operations in all 50 U.S. states under the banking laws in New York.
We're excited to announce that itBit has been approved to offer Ethereum, Bitcoin Cash, Litecoin, and Stellar Lumens! https://t.co/EUPbkqMmTR
— itBit (@itBit) June 14, 2018
On its website, ItBit offers several services, including a fully-fledged cryptocurrency exchange, OTC trading and custody services. According to the exchange, “US dollars are FDIC-insured and all fiat and bitcoin customer assets are fully protected and backed by mandatory capital reserves.” The exchange also offers escrow transactions and recently raised $65 million through an IPO at the end of May.
CEO Chad Cascarilla called the approval “an important milestone for ItBit,” noting that “regulatory oversight and security” have always been the platform’s priority. ItBit is operated by Paxos Trust Company LLC, formerly ItBit Trust Company.
ItBit made headlines last week on reports that it was one of the four cryptocurrency exchanges that received a U.S. Commodity Futures Trading Commission (CFTC) memo ordering them to turn over their trading data as part of an ongoing investigation into possible cryptocurrency price manipulation.
The probe comes several months after derivatives marketplace CME Group Inc. began offering BTC futures trading in December. The values of the futures are based on prices found on Coinbase, Bitstamp, itBit and Kraken and the commission feels that manipulation on those markets could distort government-regulated BTC futures.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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