American crypto wallet and blockchain security firm BitGo has received a state trust company charter from the South Dakota Division of Banking, making it a qualified custodian for crypto, CNBC reports September 13.
By creating its trust company, California-based BitGo will now be subject to regulatory scrutiny that encompasses know-your-customer (KYC) and anti-money-laundering (AML) checks and the filing of financial audits and monthly disclosures.
As it launches its regulated crypto custody offering, BitGo co-founder and CEO Mike Belshe told CNBC that:
Readmore: American crypto wallet and blockchain security firm BitGo has received a state trust company charter from the South Dakota Division of Banking, making it a qualified custodian for crypto, CNBC reports September 13.
By creating its trust company, California-based BitGo will now be subject to regulatory scrutiny that encompasses know-your-customer (KYC) and anti-money-laundering (AML) checks and the filing of financial audits and monthly disclosures.
As it launches its regulated crypto custody offering, BitGo co-founder and CEO Mike Belshe told CNBC that:
Readmore:
https://cointelegraph.com/news/us-blockchain-security-co-bitgo-gets-regulators-green-light-to-become-crypto-custodian