itBit hires NYDFS lawyer as Chief Compliance Officer

After stepping down from the post of General Counsel of New York State Department of Financial Services (NYDFS), Daniel "Danny" Alter has been hired by itBit as the new General Counsel and Chief Compliance Officer.

The company also hired Kim Petry as the Chief Financial Officer. She was previously CFO of Global Operations and Technology at Broadridge Financial Services and, before that, served as CFO and Vice President of Global Commercial/Corporate Card Payment at American Express.

"Between Danny's deep expertise in financial services and virtual currency regulation and Kim's demonstrated track record as a successful CFO of global financial organizations, I'm confident that itBit will continue to grow and develop innovative blockchain-based solutions to address the financial industry's greatest pain points," said Chad Cascarilla, Co-Founder and CEO of itBit.

Alter and Petry bring significant regulatory and financial management experience to itBit's management team, the company said in a press release.

"Danny and Kim possess a deep understanding of how to grow and run a successful business within the regulatory framework of the financial services industry, and their expertise will be invaluable as we work toward the launch of our new permissioned distributed ledger product - Bankchain", said Cascarilla.

itBit currently operates a global bitcoin exchange that offers a powerful platform to institutional and retail investors for buying and selling of bitcoin. It has taken a uniquely rigorous approach to regulatory compliance by establishing the itBit Trust Company, overseen by the NYDFS.