ItBit, a bitcoin exchange operating in New York and Singapore, has been approved as New York State Trust company and added a number of heavy hitters to its board of directors on the heels of a $25 million round from new and existing investors.
« The trust allows itBit to be a custodian for its client’s funds, which is a much higher duty of care than any other bitcoin company is regulated under right now, » said itBit chief executive and co-founder Charles Cascarilla. « It took us 15 months and a well over a thousand page application. It is extremely in-depth, extremely time-consuming and not easy to do. »
The issue of proper approvals from regulatory agencies is becoming more important on the heels of the news that the Financial Crimes Enforcement Network (an arm of the US Treasury) fined Ripple Labs $700,000 for acting as a money services business without filing…
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