itBit Adds Four New Coins Amid NYDFS Approval

New York-based crypto exchange itBit announced that it has received approval from the New York State Department of Financial Services (NYDFS) to add four major cryptocurrencies to its offering list.

The exchange now lists five coins – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Stellar Lumens – for trading and will also extend its custody and escrow services to the new coins which it currently provides for Bitcoin. In addition, it will also provide OTC trading services, a much-needed one for the institutional investors.

Time to buy the dip?

Mentioning the new listings, Chad Cascarilla, CEO of itBit, said: “This is 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 DFS approval allows us to offer more trading and custody services across a wider range of crypto assets.”

Unlike most of the US-based exchanges, itBit is based in New York and was the first exchange to acquire an operating license the New York Banking Law by the NYDFS.

“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,” he added.

Price manipulation?

Despite the firm’s regulatory compliance pride, it was in the receiving end of the recent CFTC subpoenas, which the agency sent out to four crypto exchanges suspecting Bitcoin price manipulation.

Commenting on the received subpoenas, Cascarilla told Finance Magnates: “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.”

“We expect to see continued differentiation as the more credible and useful crypto assets and utility tokens gain momentum,” he added, responding to the question on the state of the crypto market in a couple of years. “We also expect to see greater institutionalization of the space as traditional financial players develop the understanding and comfort to begin participating in the ecosystem.”