itBit Support Center

What is itBit Trust?

Last Updated: Mar 06, 2019 01:31PM EST

Our trust company, itBit Trust Company, LLC (n/k/a Paxos Trust Company, LLC) establishes itBit as the first U.S. crypto asset exchange able to legally operate in New York State. Our New York-based exchange accepts customer applications from across the U.S. Through the trust company and our network of American banking relationships, itBit customers using our New York-based exchange can rest easy knowing:

  • All assets are held on a platform regulated by the New York Department of Financial Services
  • itBit serves as legal custodian for all digital assets held with our trust company and applies a fiduciary standard of care to their safekeeping with a duty to put our clients' interest above our own
  • U.S. customer fiat funds are securely held within the regulated U.S. banking system
  • All U.S. customers receive year-end 1099-B tax forms

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