itBit To Comply With NY DFS BitLicense Regulatory Guidelines

NEW YORK, July 17, 2014 /PRNewswire/ -- itBit today reaffirms its intention to meet full regulatory compliance with the New York Department of Financial Services BitLicense.

"We applaud the thoughtful and transparent approach that Benjamin Lawsky and the NY DFS have taken in examining consumer protection issues surrounding virtual currency and related businesses. We believe this framework is important for the ecosystem to operate in a compliant and trustworthy way, and shows the DFS' ongoing dedication to improving the stability of the industry," said itBit CEO Charles Cascarilla. "We take every possible measure to ensure that itBit protects consumers, prevents abuse and provides security. The proposed BitLicense aligns with our current standards and practices, and we have every intention to be in compliance with the final guidelines."

About itBit
itBit offers a secure global currency exchange for trading fiat currency with digital currency like Bitcoin.  The exchange provides investors with high liquidity and advanced security, storing clients' bitcoin offline in cold storage. itBit employs extensive know-your-customer and additional monitoring systems to ensure the highest compliance standards, similar to international banks.

The New York-based bitcoin exchange was founded by CEO Charles Cascarilla. The company is venture-backed by RRE Ventures, Canaan Partners, Liberty City Ventures and angel investors including Jay W. Jordan II and Ben Davenport. To learn more, visit www.itBit.com.

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SOURCE itBit

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