Ethereum(ETH), Bitcoin Cash, Litecoin(LTC), & Stellar(XLM) – New York-based regulated exchange, itBit, has just received approval from the State Department of Financial Services to offer more cryptocurrencies on its platform.
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
Itbit announced this morning that it would begin offering custody, escrow, OTC trading, and exchange services for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash(BCH), Litecoin(LTC), and Stellar(XLM).
itBit’s announcement reads:
“Global crypto asset platform Itbit announced today it has received approval from the New York State Department of Financial Services (NYDFS) to offer expanded trading and custody services for bitcoin cash (BCH), ethereum (ETH), litecoin (LTC) and stellar lumens (XLM). Itbit will start immediately offering custody, escrow and OTC trading services for these new assets, with platform exchange trading to follow.”
In mid-2015, Itbit became the first Bitcoin (BTC) exchange to be given a banking license by the NYDFS. Under the New York banking laws, the exchange is allowed to operate in all 50 U.S. states.
“By gaining this regulatory approval, we are now able to open the doors for individuals and institutions to access crypto assets beyond just bitcoin,” itBt COO Andrew Chang said.
Regulation Compliant itBit
Paxos, itBit’s operator, announced that its company raised $65 million at the end of May. Part of the funds raised is going to be used to operate the Itbit custodian service and exchange.
itBit’s website states it will be offering several services such as OTC trading, a crypto exchange, and custody services.
The US Crypto asset traders using itBit’s platform have the comfort of knowing their crypto assets are backed and fully protected by mandatory capital reserves. US customer dollars on the itBit platform are held in regulated US banks, and the company states it never leaves US soil. The most exciting aspect of this new platform is that all its customers receive a year-end 1099 form for tax reporting which is a big deal, as many investors this year has no idea how to submit their crypto-taxes and most, failed to do so.
Featured Image: Zero