A US-based company – Paxos (rebranded itBit) – has expanded its services with four more currencies (BCH, ETH, LTC and XLM).
The new assets will be available for trading in New York.
“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,” said Chad Cascarilla, CEO of itBit.
The Department of Financial Services in New York has checked the company for the compliance to AML standards as well as its anti-fraud, consumer protection and cybersecurity measures. After the deep study, DFS decided to authorize itBit to expand its list of offered crypto assets. Besides, the platform has also got approval to launch a digital wallet and a vault service.
Notably, itBit is the first platform in New York that can offer XLM, and other regulated exchanges may follow itBit in the future.
According to the reports, the exchange became the first regulated trading platform for bitcoin back in 2015. Later, the company was renamed to Paxos, though it is still known as itBit in the crypto exchange market.
Department of Financial Services Superintendent Maria T. Vullo commented in the press release:
“Today’s actions represent New York’s continued commitment to creating a thriving, global fintech marketplace. Through strong and thoughtful regulatory oversight by DFS, consumers and the virtual currency market alike will continue to benefit.”