Popular cryptocurrency exchange Bittrex sees BitLicense rejected by The New York Department of Financial Services
- There were several factors behind the rejection issued by the NYDFS authorities.
- NYDFS had already issued several deficiency letters since the exchange first submitted an application.
Popular crypto exchange Bittrex has its application for a BitLicense by The New York Department of Financial Services today. The U.S. authority issued a letter, explaining that there were several factors behind the rejection.
Daniel Sangeap, deputy superintendent and deputy counsel at NYDFS said:
“Throughout Bittrex’s application process, the Department worked steadily with Bittrex to address continued deficiencies and to assist Bittrex in developing appropriate controls and compliance programs commensurate with the evolving nature of the sector.”
It was reported that the NYDFS had already issued many deficiency letters since the exchange first submitted an application, addressing Bittrex’s anti-money laundering procedures, Office of Foreign Assets Control compliance and its coin listing process.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
