itBit Bitcoin Exchange Reaffirms Commitment to Compliance and Regulation With New Hire

By May 7, 2014Bitcoin Business
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Digital currency exchange hires its first Chief Compliance Officer from PayPal and new Director to focus on U.S. operations

SINGAPORE and , /PRNewswire/ -- Digital currency exchange itBit today announced two new additions to its team, including its first Chief Compliance Officer, . He leads efforts to comply with regulations and engage with governments. Also joining itBit is Robert "Bobby" Cho, a Director focusing on U.S. operations.

"At itBit, regulatory compliance is our number one priority and we pride ourselves on having the highest standards in the industry," said itBit CEO and co-founder . "We welcome Erik's expertise and leadership in compliance as we continue to work with regulators to help develop and cooperate with policies that serve and protect consumers and businesses."

Wilgenhof Plante joins itBit from PayPal, where he oversaw all compliance matters for . His 15 years of experience in law and banking has in recent years been focused on areas of compliance while at DZ PRIVATBANK, Clariden Leu, Commerzbank and ABN AMRO. As a player in the financial industry's regulatory activities, he is network chairman and fellow of the International Compliance Association, a Financial Industry Certified Professional and a founding board member of the chapter of the Association of Certified Anti-Money Laundering Specialists.

"Virtual currencies like Bitcoin offer tremendous possibilities by empowering people to transfer money very quickly at very low cost. For this innovation to gain widespread adoption, trust is paramount," said , Chief Compliance Officer at itBit. "itBit was created with compliance, security and customer experience at its core. With this long-term vision, we believe that we will be able to build the trust needed to be successful with both institutional and retail investors," added Wilgenhof Plante in a post on the company's blog.

Wilgenhof Plante started his banking career in 1996 in at ABN AMRO. He earned a bachelors degree in law at the University of , and earned an MBA from , . He is based in .

to join as Director in

Cho joined itBit as a Director based in focused on business development and new initiatives at itBit. Prior to joining itBit, Cho spent six years at SecondMarket trading Bitcoin and other illiquid financial products and securities. He is active in the Bitcoin industry and a fixture on the speaker circuit as a thought leader. He holds a degree from Villanova University.

"Bobby is a well-known figure in the Bitcoin industry and we are excited to gain his talents and insights," added Teo.

"Coming from a traditional Wall Street environment, I see the huge opportunity for a credible, regulated Bitcoin exchange to make a significant impact on the growth of the Bitcoin ecosystem," said Cho. "I am excited to join the itBit team to seize this opportunity and continue to bring trust and transparency to the market."

For more information, and to sign up as a user, visit

About itBit

itBit offers a secure global currency exchange for trading fiat currencies with digital currencies like Bitcoin. The exchange provides investors with high liquidity and advanced security, storing clients' bitcoin offline in deep cold storage. itBit employs extensive know-your-customer and monitoring systems to ensure the highest compliance standards, similar to international banks. The company is venture-backed by Canaan Partners, RRE Ventures, Liberty City Ventures and angel investors including and . To learn more, visit

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