- Associated Press - Thursday, May 7, 2015

ALBANY, N.Y. (AP) - New York regulators have granted their first charter under the state’s banking law for a commercial exchange for virtual currency to itBit Trust Company LLC. It can begin operating immediately.

The Bitcoin exchange is based in New York City.

Department of Financial Services Superintendent Ben Lawsky says they’ve sought to establish rules to protect consumers and provide regulatory certainty for entrepreneurs. He says the technology behind Bitcoin and other virtual currencies could hold real promise.

The department last year initiated a process for accepting license applications, says itBit applied in February and has been reviewed for its anti-money laundering, capitalization, consumer protection, and cyber security standards.

It says it is continuing to review and accept applications and proposals from other virtual currency companies.

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