Bittrex has responded to NYDFS’ denial of the company’s BitLicense application, expressing disappointment and disagreement.
United States-based cryptocurrency exchange Bittrex has responded to the New York Department of Financial Services’ (NYDFS) denial of the company’s BitLicense application in a press release published on April 10.
Earlier today, NYDFS denied Bittrex’s application for a BitLicense — which is required to conduct virtual currency related business in the state of New York — claiming that the exchange had inadequate policies and controls regarding Anti-Money Laundering (AML), Know Your Customer (KYC) and the Office of Foreign Assets Control (OFAC) standards.
In its response, Bittrex expressed its disappointment in the NYDFS’ decision and argued that it the regulation “harms rather than protects New York customers.” The exchange also explained its disagreement with NYDFS’ claims in…
Read Full Story : Cointelegraph.com News