Bittrex is one of the most important virtual currencies in the market, but it did not offer the possibilities to clients to purchase cryptocurrencies with US dollars. It has always been complicated for exchanges to offer this possibility due to the fact that banks are not so open to offer these services to crypto-related companies.
But this time, Bittrex was able to agree with the New York-based Signature Bank so as to offer customers the possibility to trade cryptocurrencies in U.S. dollars.
Bittrex Gets Bank Approval
According to Bloomberg, the crypto exchange will now be able to offer USD pairs to its clients in some US states. This is the first step to make it available for all the investors in the platform.
Bittrex Chief Executive Officer, Bill Shihara, explained:
“It’s been a long path. It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.”
Crypto exchanges need to pass very strict financial regulations, including Know your Customer and Anti Money Laundering policies. Moreover, traditional financial institutions tried to avoid putting their reputation at risk by offering services to exchanges that could be linked to criminal activities.
“They really do look and pore through the entire business,” said Shihara. “They want to make sure that we’ve got robust AML/KYC processes, that we’ve got the right controls on our finances. They do background checks and everything. They really look at our business soup to nuts.”
The service will be available to corporate customers in four different US states including Washington, California, New York and Montana, due to regulatory reasons. In the future, new states may be added to the list, and more customers would be able to participate.
Bittrex is now the 21st most important cryptocurrency exchange all over the world, managing $86 million dollars in trading volume in the last 24 hours. It offers over 284 trading pairs, and the most important are BTC/USDT, ADA/BTC, ETH/BTC, TRX/BTC, ZCL/BTC accounting for over 28% of the total trading volume of the exchange.
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