Bitcoin Exchange itBit Relocating Headquarters to New York
Bitcoin exchange itBit announced today it would relocate its headquarters from Singapore to New York City. According to a post on its blog, the company also announced it is replacing its founding CEO Rich Teo with Charles Cascarilla, a founding partner in itBit's investor Liberty City Ventures. The announcement is somewhat surprising, since Singapore is often seen as a world financial and banking hub on par with Switzerland, and an easier place in which to conduct bitcoin business than the regulation-heavy world of the US. New York City, though, is still the world center of trading....
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Bitcoin exchange itBit has filed for a banking license in New York, Reuters reports. Approval for the license may come in the next couple of weeks, people familiar with the matter told Reuters. That could make itBit the first Bitcoin company to be regulated as a bank in the United States. Founded in 2012, itBit has offices in two key financial markets, New York and Singapore. The company moved its headquarters from Singapore to New York in 2014. "Bitcoin has become mainstream, the volume of bitcoin trading has grown exponentially, and the majority of bitcoin trading now takes place in the....
ItBit becomes the first US regulated exchange, but the EU might be about to harmonize digital currency law for 500 million people. On Thursday, May 7, Ben Lawsky tweeted out the now signed charter for ItBit, confirming its status as a registered trust business. This move allows ItBit to operate an online currency exchange between USD or other fiat currencies, and something like Bitcoin. Addressing the move in a press release on Thursday, Lawsky explained how he saw the chartering of ItBit as an important step in legitimizing and harnessing the potential of digital currencies for investors....
The global Bitcoin exchange itBit has applied for a banking license with the New York Department of Financial Services (NYDFS). According to a Reuters report, approval for the license is expected in the next couple of weeks, which could make itBit the first Bitcoin company to be regulated as a bank. The spokespersons for itBit and New York's department of financial services have confirmed that the company had put in an application for the banking license however, the global Bitcoin marketplace hasn't released an official statement yet. Under the leadership of Charles "Chad" Cascarilla, the....
Itbit global Bitcoin Exchange. With all of the hoopla surrounding the Bitcoin ecosystem in the past few years, there are still many "firsts" Bitcoin, or a Bitcoin startup, has yet to achieve. One of those is the establishment of a true Bitcoin bank in the United States. Due to regulations, this is no easy task. To be sure, the banking community in many ways has been receptive to Bitcoin. Yesterday Reuters reported that Bitcoin exchange itBit has filed for a banking license in New York. Approval for the license could take a couple of weeks, according to sources for Reuters, which could....
Singapore and New York based bitcoin exchange itBit has introduced its itBit Global OTC Agency Trading Desk, a service that specializes in facilitating over-the-counter (OTC) transactions. OTC transactions are bulk trades for bitcoin that are made outside of an exchange's regular order book. It is an often used form of trading when large amounts of bitcoin are involved, in order to prevent bitcoin's exchange rate from either slipping or rising due to one large volume buy or sell. Bobby Cho, Director of Trading at itBit, said: “Up until now, the OTC bitcoin trading market has been operating....