Bitcoin Exchange itBit Expands Operations, Now Listed On Bloomberg Terminals

itBit is a Singaporean Bitcoin exchange specializing in XBT/USD, XBT/EUR, and XBT/SGD. Since its inception in 2013, itBit has been expanding and is committed to operating a simple Bitcoin exchange that follows all regulations. As such, itBit follows a robust AML/KYC compliance programthat was designed to be valid around the world. In order to utilize the entire suite of itBit’s functionality, users need to furnish identification number, proof of address (P.O. boxes are not allowed), and photo ID to become verified. Unfortunately for me, itBit still does not allow registrants from the United States. As proof of the successes of recent expansion, itBit has lowered fees and Bloomberg terminals now track Bitcoin pricing data from itBit.

Bitcoin’s Rising Star In Regulatory Compliance Shines Over Europe

itBit’s current target market for expansion is located in Europe. itBit utilizes Single Euro Payments Area (SEPA) for Euro deposits and withdrawals in conjunction with their bank.

itBit:

We are happy to announce that starting today, EUR transfers are cheaper and faster than before. You can transfer EUR from your European bank account directly into our European bank account using a SEPA transfer. This should reduce sending and receiving fees for deposits and withdrawals, and also increase the interbank transfer speed for EUR transactions.

SEPA is a standardized inter-bank Euro electronic payment method for 34 countries across Europe (28 member states of the European Union plus Iceland, Lichtenstein, Monaco, Norway, San Marino & Switzerland). SEPA enables faster Euro transfers at lower transaction costs than the outdated SWIFT telegraphic transfer system utilized in other parts of the world. In a continued show of confidence in their fiat on-ramping ability,  itBit will be offering trading fee credits to users who deposit a certain amount of money into itBit by June 30th, 2014.

A Growing Bitcoin Exchange

Over the last several months, itBit has experienced continual growth, just like the Bitcoin ecosystem. In May, itBit added Erik Wilgenhof Plante as their first Chief Compliance Officer. Plante previously worked for payment platform PayPal as Senior Compliance Manager in the South East Asia region. In a post entitled “Building Trust in Bitcoin through Compliance and Regluation” on itBit’s blog, Plante explained the importance of regulation to build a successful business:

“[itBit] believes that experienced banking professionals and a regulated environment will build customer trust and a thriving, healthy ecosystem.”

Last month, itBit also hired Robert “Bobby” Cho as the Director in New York. Cho joins itBit from SecondMarket, where he traded Bitcoin and other niche financial products for 6 years. He is in charge of United States operations and is focusing on business development and also, presumably, itBit’s international operations and future expansion plans in the American region.

Thoughts On itBit

In general, I would like to mention that itBit’s site seems simple, fluid, and functional. It has a pleasant user experience and beautiful graphs that display the Bitcoin exchange rate. However, some users on the Bitcoin Forum have complained about itBit’s security measures perhaps being too stringent. In the interest of security, itBit has operated on a 100% cold storage basis for months. As a result, withdrawals take between 24-72 hours, and there is an arbitrary withdrawal limit of 3 BTC every 3 days. In addition, itBit’s compliance team has been known to freeze accounts that trip too many red flags without notice. On the other hand, itBit has always responded and resolved these specific issues in a timely manner as their support team is reachable through LiveChat, Email, Whatsapp, Line, and even Wechat. Needless to say, itBit’s commitment “to provide a world class transparent, highly available and deeply liquid marketplace of Virtual Currencies to our valued members” is commendable.