Bitcoin Exchange ItBit Seeks Bank License With Ex-FDIC Chair
This piece has been updated with additional information regarding itBit's application filing. ItBit has filed an application for a state banking license in New York. In statements to CoinDesk, New York State Department of Financial Services (NYDFS) spokesman Matthew Anderson confirmed the filing. ItBit may be approved within the next few weeks, according to a report by Reuters, citing individuals with knowledge of the process. Notably, the banking license application reportedly names several well-known political and financial figures in the US, including former Federal Deposit Insurance....
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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....
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....
A 30-year-veteran of the US National Security Agency (NSA) has joined the board of advisors at New York-based bitcoin exchange itBit. With the announcement, Ed Giorgio joins a board of advisors that includes Josh Rosner, managing director at research firm Graham Fisher & Co. Kang Global Investors managing partner Richard Kang; and Aitken Advisors founder James Aitken. In addition to Giorgio, itBit also appointed Jim Manzi, former CEO of Lotus Development Corporation, to its board of directors. The software industry veteran joins former FDIC chairman Sheila Bair; former US Senator Bill....
Today, international bitcoin exchange itBit announced it had been granted a trust charter by the New York Department of Financial Services (NYFDS) under New York State banking law. This is the first such charter granted to a digital currency company by the NYDFS. ItBit also announced the successful completion of a $25 million Series A funding round and the expansion of their board of directors. Under the charter granted to itBit by the NYFDS, itBit is now able to accept customers from all 50 U. S. states in full compliance with state and federal law. "We have sought to move quickly but....