This is the first such charter granted to a digital currency company by the NYDFS. ItBit also announced the successful completion of a $25 million Series A funding round and the expansion of their board of directors.

Under the charter granted to itBit by the NYFDS, itBit is now able to accept customers from all 50 U.S. states in full compliance with state and federal law. "We have sought to move quickly but carefully to put in place rules of the road to protect consumers and provide greater regulatory certainty for virtual currency entrepreneurs," said Benjamin Lawsky, superintendent of the NYDFS, in a statement. ItBit applied to NYDFS for a charter beginning in February 2015. According to the NYDFS, it conducted a thorough review of itBit's anti-money laundering, capitalization, consumer protection, and cyber security standards.

"Our mission at itBit has always been to create a trusted, institutional-grade exchange and regulatory compliance is an important pillar of that mission," said itBit CEO and co-founder Charles Cascarilla in a statement. "Regulatory approval from the NYDFS allows us to serve as a custodian for our clients' assets and expand our services to U.S. customers – the largest market of bitcoin traders in the world – and allows us to do so with the highest standard of care afforded by any Bitcoin company."