Quote from: medUSA on May 08, 2015, 11:05:45 AM

Quote from: amazon4u on May 07, 2015, 01:51:13 PM

I don't get it.....so they will only operate as a bank in new york ? What about the other states ? For example coinbase has USD wallets only in half of the US states, these guys will only operate for NY residents ? seems odd....

itbit is not becoming a consumer bank (it would be nice). It is acquiring licenses to be on the right side of the law.

According to this "techcrunch" article (http://techcrunch.com/2015/05/07...), itBit is the "only US-chartered and supervised bitcoin exchange thats compliant with both New York and federal law". If this is true, traders would be more confident trading there.

Yeah , but why is Coinbase struggling to get USD wallets for all the US states , when these guys (Itbit) got approval for all US states in one go by applying for a different license ? Basically ItBit can keep USD wallets for all US customers in all states with this license and their USD funds are insured by FDIC ? This is by far the easiest road ahead...., why Coinbase didn't try this ? They pay a lot of lawyers and advisers for them to be able what ITBit does now...after these news got out I guess somebody at Coinbase is really mad on its lawyers...