Bittrex responds to NYDFS Denial of BitLicense application: Citing factual inaccuracy

Earlier today, NYDFS rejected the application of Bittrex for BitLicense. Its United States-based Cryptocurrency Exchange Bittrex has responded to the Financial Services Department of New York. In a press release published on April 10, 'NYDFS' denied the company's BitLicense application. It is necessary to conduct virtual currency related business in New York State. In response to the Bittrex, it expressed disappointment in NYDFS decision and argued. They have control over Anti Money Laundering, its Know Your Customer and Office of Foreign Assets Control Standards. The Exchange has also disagreed with the claims of NYDFS regarding its AML and compliance practices.


This damages the regulation of New York customers rather than security. It is approved by an external consultant and trains all company employees fully in their AML policies and procedures. This Bittrex states that it maintains a risk assessment framework. When its client opens the account, and tracks all SDN updates from OFC and they are notifying our client. This exchange also said that this 'screen for SDNs' is a specially designated citizen. 'Those requirements were already based on pre-existing form of hot wallet versus cold wallet storage; in addition Bittrex said that the NYDFS established a capitalization requirement which was more than any other state. It is ignoring the risks of frequently going assets from hot to cold storage.


They are not paying attention to the category of coins listed by Bittrex. But it was rejected. This exchange also pointed out that NYDFS's letter had many factual errors in relation to the implementation of the Monitoring of transaction tracking of customers with risk assessment framework with others. This Bittrex claimed in the release that he has offered a bond to cover the entire capitalization of all New York customers. In the last 24 hours, they have gained about 6 percent. The 24-hour trading volume of this exchange is around $ 63.5 million in press time. At present, Bittrex has been ranked 54th in the list of the digital currency exchange of Coinmarketcap in the context of the adjusted trading volume.


Comments 1

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11.04.2019 10:12