Former BTC-only Exchange ItBit Gets NY Regulatory Approval to Add Four New Crypto Assets

Published at: June 14, 2018

Formerly Bitcoin (BTC)-only exchange itBit has received approval from the New York State Department of Financial Services (NYDFS) to add trading in four new cryptocurrencies, according to a press release shared with Cointelegraph June 14.

In addition to BTC trading, the platform will now be offering trading and custody services for Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Stellar (XLM).

ItBit is the 31st largest crypto exchange in the world by 24-hour trading volume, according to data from CoinMarketCap, seeing about $54.2 mln in trades on the day to press time.

The newly added crypto assets will have custody, escrow and over-the-counter (OTC) services available immediately. The press release notes that itBit is the “first NYDFS-approved Trust company to offer trading and custody services for crypto assets,” and the first to receive Department of Financial Services (DFS) approval to trade Stellar in New York.

CEO of itBit Charles Cascarilla said in the press release that the addition of these four crypto assets is “an important milestone for itBit as we create a broader platform for crypto asset investors,” continuing:

“We are committed to the growth and evolution of this ecosystem and DFS approval allows us to offer more trading and custody services across a wider range of crypto assets.”

ItBit has been the target of multiple regulatory probes in the U.S. recently. The platform was one of the crypto exchanges that received a questionnaire as part of the New York Attorney General’s cryptocurrency trading platform probe in April, and has also fallen under the Commodity Futures Trading Commission’s (CFTC) crypto probe as one of the exchanges on which CME Group bases its Bitcoin futures trading.

When asked about the current climate of government interest in the crypto sector, Cascarilla told Cointelegraph:

"As the marketplace evolves and innovates with new technology, so too does oversight. We support all market participants, exchanges, regulators in having a dialogue to enhance transparency and find common ground."

At the beginning of June, the banks committee of the New York state legislature voted to progress a bill on the creation of a digital currency task force that would study the effects of cryptocurrencies on financial markets in NYC.