ItBit Gets Approval to Add Four New Digital Assets
ItBit which was the first Bitcoin exchange has received an approval from New York State Department of Financial Services for the exchange to add four more cryptocurrencies. More to Bitcoin trading ItBit has been offering custom and trading services for Bitcoin Cash, Litecoin, Stellar and Ethereum. Currently, the exchange is ranked number 31 in the world based on 24-hour trading volume according to CoinMarketCap data. It’s currently enjoying about 54.2 million dollars in trade on average per day.
The added digital assets will have escrow, custody and over the counter services available immediately after their launch. According to the press release, ItBit is the first New York State Department of Financial Services approved company which is allowed to offer custody and trading services for cryptocurrency assets. The exchange has also become the first company to get the Department of Financial Services approval to trade Steller.
Charles Cascarilla who is the current ItBit CEO indicated that the addition of the four digital assets was a very important step for ItBit as they continue to create a border platform for digital asset investors. The CEO added that:
“We have a great commitment towards to growth and evolution of the cryptocurrency ecosystem. The approval of DFS will allow us to offer trading and even custody services to cover a bigger range of digital assets.”
ItBit has been having a hard in the United States especially because of different regulatory investigations. In fact, ItBit was one of the exchanges which received different questionnaires in the investigation carried out by the office of the New York Attorney General. The probe was carried on several exchanges of cryptocurrency trading. The exchange was also investigated by the Commodity and Futures Trading Commission during the CME Group Bitcoin futures trading probe.
When Cascarilla was asked to comment on the current climate of cryptocurrency sector eh stated that:
“As the crypto market continues to grow and innovate with new technology, the same happens with oversight. We have been supporting all participants in this market including regulators and other exchanges especially in having a dialogue which can lead to transparency. We do this with the aim of finding a common ground.”
Regulators in New York have been very serious especially with cryptocurrency exchanges. At the beginning of this month New York state legislature banks committee votes to pass a bill which allowed the creation of a cryptocurrency task force which would study the effects of digital currencies on the financial markets in New York.