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NYDFS Authorizes Paxos Trust Company to Add Ethereum, Litecoin, Bitcoin Cash, and Stellar Lumen

Despite a recent market downturn, cryptocurrencies continue to make regulatory progress. Starting June 14, Paxos Trust Company will make Ethereum, Litecoin, Bitcoin Cash, and Stellar Lumens available for OTC trading on their itBit digital asset exchange.

Early Bird Authorization by NYDFS

Joining a short list of exchanges authorized to trade cryptocurrency, Paxos Trust Company was approved by the New York Department of Financial Services (NYDFS) to add four of the largest cryptocurrencies by market cap to their OTC trading platform.

Related Article: Coinbase Index Fund Open For Business: Official Launch Welcomes U.S. Investors

Paxos Trust Company, Winklevoss-founded Gemini Trust Company, and Coinbase Inc. are three of eight total cryptocurrency exchanges approved and licensed by the NYDFS for charters to trade virtual currency.

With their newest grant for approval, the NYDFS has poised themselves as an industry-forward regulatory body that may be looking to embrace rather than denounce innovation in FinTech and cryptocurrency.

In the official statement released on June 14, Financial Services Superintendent Maria T. Vullo stated:

“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.”

Founded in 2012, itBit Exchange was one of the first companies to take the route of legitimacy and seek regulatory approval before launching their trading services to the public.

In the official NYDFS statement, Paxos CEO Charles Cascarilla said:

“This is an important milestone for itBit as we create a broader platform for crypto asset investors… 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.”

itBit Expands Asset Offering

Starting today, itBit exchange will expand their digital asset offering and launch escrow, custody, and OTC trading services for Ethereum, Litecoin, Bitcoin Cash, and Stellar Lumens – four cryptocurrencies with a collective market cap of over $70 billion.

In an interview with Forbes, Paxos CEO Charles Cascarilla noted:

“We’re starting to gain a lot of momentum here… We just keep thinking about how we can add new products that will help our customers.”

Later this year, itBit exchange also plans to offer platform exchange and cryptocurrency futures trading for its currently offered digital assets – Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Stellar Lumen.

Cover Photo by Matteo Catanese on Unsplash

Posted In: Adoption, Altcoins, Bitcoin Cash, Crypto Exchanges

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Jonathan Kim

Jonathan Kim is a University of Washington student of Finance and cryptocurrency investor with a deep interest in the emerging industry of blockchain applications and cryptocurrency trading. His past experiences involve publishing original daily content for blockchain startups and trading cryptocurrencies using technical analysis principles.

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