Bitcoin Exchange itBit Hires NYDFS Lawyer for Compliance Role
ItBit has hired former New York State Department of Financial Services (NYDFS) general counsel Daniel 'Danny' Alter as its general counsel and chief compliance officer. The three-year veteran of the NYDFS was involved in the formation of the New York BitLicense, the controversial licensing regime for digital currency businesses seeking to serve consumers in the US state, before departing in February. The move is perhaps surprising given the originally skeptical outlook on the technology Alter voiced at the New York BitLicense hearings in early 2014. At the two-day event, Alter was perhaps....
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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....
In April, Bitcoin Magazine reported that Bitcoin exchange itBit had filed for a banking license in New York. Later in May, itBit was granted a trust charter by the New York Department of Financial Services (NYFDS) under New York State banking law, 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. On September 2, itBit announced the appointments of Daniel "Danny" Alter as the company's new general counsel and chief compliance officer, and Kim Petry as chief financial officer.....
New York bitcoin exchange itBit has closed $25m in Series A fundraising. The round drew support from a pool of new and existing sources including RRE Ventures, Liberty City Ventures and investor Jay W Jordan II. Raptor Capital Management chairman James Pallotta also participated in the round. ItBit further confirmed the addition of three new members to its board of directors: former Federal Deposit Insurance Corporation chairperson Sheila Bair; former New Jersey Senator Bill Bradley; and former Financial Accounting Standards Board (FASB) chairman Robert Herz. The three directors had....
Singapore-based bitcoin exchange itBit has announced two new hires it hopes will strengthen its credibility in the traditional financial industry and assure users it is being responsible with their funds. The company's hirings are significant: a senior manager at PayPal and an analyst fresh from a long stint at SecondMarket, the online marketplace for trading illiquid assets and parent company of the Bitcoin Investment Trust. Together they bring expertise from the mainstream payments industry and other sections of the bitcoin economy to the young Asian exchange. Erik Wilgenhof Plante. The....
Editor’s Note: This article has been modified to correct some factual inaccuracies. ItBit is not governed by BitLicense, it operates in the state of New York under a trust charter. Following the path of his colleague Benjamin Lawsky, former New York Department of Financial Services general counsel Daniel Alter has moved into the private sector, joining itBit as the Bitcoin exchange’s general counsel. This former NYDFS regulator will also work as itBit’s Chief Compliance Officer. In these new positions, Alter will play an ‘active role’ in working with regulators as they seek to inform their....