Through a trust company charter, granted by the New York State Department of Financial Services (NYDFS), itBit has established the itBit Trust Company, organized under New York State banking law. This makes itBit the only U.S.-chartered and supervised bitcoin exchange able to offer unique protection and security for customers in full compliance with New York and federal law.
“Our mission at itBit has always been to create a trusted, institutional-grade exchange and regulatory compliance is an important pillar of that mission”
“Our mission at itBit has always been to create a trusted, institutional-grade exchange and regulatory compliance is an important pillar of that mission,” said itBit CEO and co-founder Charles Cascarilla. “Regulatory approval from the NYDFS allows us to serve as a custodian for our clients’ assets and expand our services to U.S. customers – the largest market of bitcoin traders in the world – and allows us to do so with the highest standard of care afforded by any Bitcoin company.”
With oversight from the NYDFS, the itBit Trust Company provides unparalleled security and protection for all client deposits and assets. All client deposits and assets, including both bitcoin and fiat currency, are held for customers in secure custodial accounts in order to ensure the safe return of customer balances. In order to provide further heightened protection, itBit has partnered with an FDIC-insured and regulated U.S. banking institution to provide assurances to all U.S. clients that their fiat balances are held in the U.S. and with the benefit of FDIC-insurance (up to $250,000 per account).
