Bittrex responds to New York Department of Financial Services (NYDFS) Decision
|- New York Department of Financial Services’ (NYDFS) had earlier denied the company's BitLicense application.
- According to NYDFS, the exchange had subpar policies regarding AML, KYC, and OFAC standards.
The New York Department of Financial Services’ (NYDFS) denied Bittrex’s application for a BitLicense. This application would have allowed the exchange giants to conduct digital asset-related business in New York. According to NYDFS, Bittrex had subpar policies and controls regarding Anti-Money Laundering (AML), Know Your Customer (KYC) and the Office of Foreign Assets Control (OFAC) standards.
Bittrex expressed their disappointment via their press release. They said:
“Bittrex is saddened and disappointed in today’s decision by the New York Department of Financial Services (NYDFS), which we believe harms rather than protects New York customers. Bittrex fully disputes the findings of the NYDFS in today’s decision. We have worked diligently with NYDFS to address their questions and meet their requirements since first applying for our BitLicense in August of 2015.
First, and foremost, we adamantly disagree with NYDFS’ claims and allegations in regard to our anti-money laundering (AML) and compliance practices. Corporate responsibility is in our DNA and our commitment to regulatory and compliance guidelines is second to none.”
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