NYDFS rejects Bittrex BitLicense application

The decision made by NYDFS was arrived out after four weeks of reviews at Bittrex onsite offices.
The coveted BitLicense was proposed in 2014.

John Isige FXStreet

Bittrex exchange recently received bad news following the rejection of its BitLicense application. The regulator, New York Department of Financial Services (NYDFS) denied the exchange company the chance to offer digital assets in most of the states in the United States.

Bittrex currently has support for more than 200 digital assets. The regulator cites a lack of compliance with the set anti-money laundering rules as well as capital deficiencies. Other compliances required include the Bank Secrecy Act, Anti-Money Laundering and Office of Foreign Control (OFAC). The decision made by NYDFS was arrived out after four weeks of reviews at Bittrex onsite offices.

The coveted BitLicense was proposed in 2014. Initially, only a few firms were able to get. However, lately, the number has gone up considerably. Recently, Europe-based Bitstamp was recently granted the license and is currently looking towards expanding to the United States.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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