By establishing the itBit Trust Company through the New York State Department of Financial Services, itBit is regulated to the highest degree, offering a level of customer care superior to any other Bitcoin company. itBit has been working with regulators, legislators and leaders across the financial services industry to develop this game-changing solution.
All assets of US customers are held in custody in a legal entity regulated by the New York State Department of Financial Services.
All fiat and bitcoin customer assets at the itBit Trust Company are fully protected and backed by mandatory capital reserves.
US customer dollars are FDIC-insured, held in regulated US banks and do not leave American soil.
Monthly Gain/Loss Statements
Quarterly Gain/Loss Statements
Year-End 1099 tax forms
itBit Trust Company (ITC) is chartered under New York Banking Law by the NY Department of Financial Services. As a New York trust company, ITC provides virtual currency exchange, custody and other services for all US customers who are approved to trade through its New York virtual currency exchange.
ITC does not operate exchange, fiduciary, custodial or trust services in any other state. In addition, ITC does not engage in the transmission of fiat currency or bitcoin between customers. All fiat currency or bitcoin sent to or from ITC in New York occurs exclusively through approved customers sending money to be held by ITC in an insured bank or Bitcoin to be held by ITC or a withdrawal of that customer money or Bitcoin at the express direction of an existing customer of ITC's New York trust company offices.
While other bitcoin companies operate in the US with a handful of money transmitter licenses, we offer our customers the highest standard of care. The trust charter application process is far more rigorous than that for obtaining money transmitter licenses or the BitLicense.