ItBit seeks bank license with Ex-FDIC Chair

Bitcoin exchange ItBit has applied for a state banking license in New York. Matthew Anderson, the New York State Department of Financial Services (NYDFS) representative, confirmed the filing of application to CoinDesk. According to a latest report by Reuters, the exchange may get approval within the next few weeks.

The application names several prominent political and financial individuals in the U.S., including former New Jersey Senator Bill Bradley and former Federal Deposit Insurance Commission (FDIC) chair Sheila Bair.

Bair, Bradley, and ItBit CEO Charles Cascarilla, Liberty City Ventures founding member Emil Woods and former Financial Accounting Standards Board director Robert Herz, are reportedly listed as organizers on the license application.

ItBit spokesperson told CoinDesk that the company does not comment "on rumors [or] speculation" and that the company did not even confirm to Reuters about applying for a banking license.