NYDFS Approves Crypto Exchange ItBit to Add Trading in 4 New Cryptos
Cryptocurrency exchange itBit announced today that it has received approval from the New York State Department of Financial Services (NYDFS) to add trading and custody services in four new cryptocurrencies.
itBit will offer custody for Ethereum (ETH), Litecoin (LTC), Stellar Lumens (XLM) and Bitcoin Cash (BCH) with escrow and over-the-counter trading services for these new assets, and platform exchange trading to follow.
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.
ItBit will be adding additional products and functionality in the near term. And it will start offering several new products based on cryptocurrencies other than BTC.
In a statement, Cascarilla said that the approval from the NYDFS was “an important milestone for ItBit as we create a broader platform for crypto asset investors.”
“We are committed to the growth and evolution of this ecosystem and NYDFS approval allows us to offer more trading and custody services across a wider range of crypto assets,” he said. “Regulatory oversight and security have always been at the forefront of building our platform. We are thrilled to be able to offer these new services to our customers.”
“We have a comprehensive product roadmap with some of the near term priorities around collateral services, upgraded trading engine and order types to additional crypto assets,” Cascarilla added.
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