U.S. regulated bitcoin exchange itBit today announced the itBit Institutional Client Group (ICG) now offers crypto asset custody services for institutions seeking to custody or sub-custody assets with a regulated NY State Trust Company. As a regulated custodian, itBit is subject to strict regulatory oversight by the New York State Department of Financial Services (NYDFS) under the ‘BitLicense’ law for digital currency companies.
All fiat and digital customer assets deposited with itBit are backed by mandatory capital reserves as a regulated entity. Client assets are protected by itBit with 100% cold storage ensuring that all crypto assets remain secure and will be available to meet investor redemption and verification requirements. Custodied assets will never commingle with assets held in itBit trading accounts.
Moreover, clients can verify a custody account balance and holdings 24/7 while also receiving regular and auditable consolidated reporting. Custody clients get their own relationship managers, who provide personalized service and support.