The New York Department of Financial Services has denied Bittrex’s application for a BitLicense.
In a letter to Bittrex CEO Bill Shihara, NYDFS explained that the exchange had inadequate policies and controls regarding Anti-Money Laundering (AML), Know Your Customer (KYC) and Office of Foreign Assets Control (OFAC) standards.
Bittrex applied for its BitLicense — which is required to conduct virtual currency related business in the state of New York — in August, 2015. Bittrex had been operating under the terms of a “safe harbor” permitted by NYDFS while the regulator considered its application.
According to NYDFS, it had issued multiple compliance letters to Bittrex “to address continued deficiencies and to assist Bittrex in developing appropriate controls and…
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