US crypto exchange itBit adds four new cryptocurrencies for trading | finder.com

US crypto exchange itBit adds four new cryptocurrencies for trading

Peter Terlato 14 June 2018 NEWS

New York-based itBit claims to be the second biggest bitcoin exchange operating in the United States.

America’s first regulated cryptocurrency asset exchange, itBit, announced that customers will be able to trade four new digital currencies and utilize custody, escrow and over-the-counter services for these new assets.

In a blog post this week, the exchange revealed that the New York State Department of Financial Services (NYDFS) approved the addition of Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Stellar Lumens (XLM) for itBit’s exchange. These cryptocurrencies will be traded alongside existing bitcoin (BTC) transactions.

“This also means we are now the first qualified custodian and licensed exchange to receive approval from the New York State Department of Financial Services to offer trading of Stellar Lumens,” itBit said in the blog post.

“With this new expansion, we look forward to broadening the crypto asset market overall for institutional investors and active individual traders. We invite you to explore these new capabilities at itbit.com.”

itBit claims that it is the second largest bitcoin exchange in the United States.

The platform, started in 2013, was the first to receive a charter from the NYDFS as a licensed exchange.

Three years later, in 2016, itBit’s exchange platform was split off and the company formed Paxos, a separate business entity that delivers blockchain solutions for financial institutions, including Bankchain. In late May, Paxos closed a $65 million Series B funding round to scale operations and expand into global capital markets.

Earlier this week, the the Commodity and Futures Trading Commission (CFTC) subpoenaed four exchanges, including itBit, to provide trading information to determine if price manipulation exists in the market.

In mid-April New York’s Attorney General launched an inquiry into how well customers’ assets were protected by the operations, internal controls and safeguards of various cryptocurrency exchanges, including itBit.

The NYDFS released new guidelines earlier this year in February, for all digital currency entities licensed by New York State, including it Bit, to assist in preventing, detecting, avoiding and responding to fraud.

You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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