Today, international bitcoin central itBit announced that they had been granted a trust charter yesteryear the New York Department of Financial Services (NYFDS) nether New York State banking law. This is the initiatory off such charter granted to a digital currency companionship yesteryear the NYDFS. ItBit too announced the successful completion of a $25 1000000 Series Influenza A virus subtype H5N1 funding circular too the expansion of their board of directors.
Under the charter granted to itBit yesteryear the NYFDS, itBit is straightaway able to convey customers from all fifty United States of America of America states inwards total compliance alongside dry reason too federal law. “We guide maintain sought to deed speedily simply carefully to set inwards house rules of the route to protect consumers too render greater regulatory certainty for virtual currency entrepreneurs,” said Benjamin Lawsky, superintendent of the NYDFS, inwards a statement. ItBit applied to NYDFS for a charter beginning in Feb 2015. According to the NYDFS, it conducted a thorough review of itBit’s anti-money laundering, capitalization, consumer protection, too cyber safety standards.
“Our mission at itBit has e'er been to practice a trusted, institutional-grade central too regulatory compliance is an of import pillar of that mission,” said itBit CEO too co-founder Charles Cascarilla inwards a statement. “Regulatory blessing from the NYDFS allows us to serve equally a custodian for our clients’ assets too expand our services to United States of America of America customers – the largest marketplace of bitcoin traders inwards the basis – too allows us to practice then alongside the highest measure of assist afforded yesteryear whatsoever Bitcoin company.”
In addition, itBit has partnered alongside a United States of America of America FDIC insured banking establishment to hold upward able to offer FDIC insurance on all fiat balances held yesteryear United States of America of America clients. itBit has too confirmed the immediate availability of their central platform to all United States of America of America retail too institutional bitcoin traders.
The funds itBit has raised inwards their $25 1000000 Series Influenza A virus subtype H5N1 circular volition hold upward used to scale operations equally they stimulate to onboard United States of America of America clients. Previous investors RRE Ventures, Liberty City Ventures too Jay W. Hashemite Kingdom of Jordan II participated inwards the round, along alongside novel player Raptor Capital administration chairman James Pallotta.
Coinciding alongside the fundraise, itBit has added iii novel members to its Board of Directors: Senator Bill Bradley, quondam FDIC Chairman Sheila C. Bair too quondam FASB Chairman Robert H. Herz. Senator Bradley served equally a United States of America of America Senator representing New Bailiwick of Jersey from 1979-1997 too was a fellow member of the Senate Finance Committee. Bair served equally Chairman of the FDIC from 2006-2011 too was named ane of TIME’s 100 virtually influential people. Herz was previously the Chairman of the Financial Accounting Standards Board (FASB) too is on the boards of Morgan Stanley too Fannie Mae.
This annunciation from itBit sets a novel measure for regulatory compliance for digital currency companies.
This is a developing storey too Bitcoin Magazine volition proceed to update it.