Share this article
Bitcoin Exchange ItBit Seeks Bank License With Ex-FDIC Chair
Bitcoin exchange itBit has filed an application for a state banking license in New York, the NYDFS reports.
By Stan Higgins
Updated Sep 11, 2021, 11:39 a.m. Published Apr 23, 2015, 9:55 p.m.
UPDATE (24th April 20:35 BST): This piece has been updated with additional information regarding itBit’s application filing.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
has filed an application for a state banking license in New York.
In statements to CoinDesk, New York State Department of Financial Services (NYDFS) spokesman Matthew Anderson confirmed the filing.
ItBit may be approved within the next few weeks, according to a report by Reuters, citing individuals with knowledge of the process.
Notably, the banking license application reportedly names several well-known political and financial figures in the US, including former Federal Deposit Insurance Commission (FDIC) chair Sheila Bair and former New Jersey Senator Bill Bradley.
According to filing notices published by the NYDFS, itBit began the process of acquiring a state banking license in early February.
Bair served as chairperson for the FDIC under President George W Bush, the federal agency that oversees deposit accounts and deposit insurance coverage guidelines.
Bair and Bradley, along with ItBit CEO Charles Cascarilla, Liberty City Ventures founding partner Emil Woods and former Financial Accounting Standards Board director Robert Herz, are said to be listed as organizers on the state banking license application.
A spokesperson for itBit told CoinDesk that the company does not comment "on rumors [or] speculation". Further, she stated that ItBit did not confirm to Reuters that it had filed for a banking license.
Image via Thatcher Cook for PopTech
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
Top Stories
