New York Denies Bittrex BitLicense Application Citing Inadequate Compliance

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The New York Department of Financial Services has denied Bittrex’s application for a BitLicense. The New York Department of Financial Services (NYDFS) has denied a BitLicense application from the Bittrex cryptocurrency exchange on April 10.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…
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New York Denies Bittrex BitLicense Application Citing Inadequate Compliance

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