Cryptocurrency exchange Bittrex revealed that they don’t have any North Korean user on their platform. The revelation came through after the New York Department of Financial Services (NYDFS) alleged the exchange of allowing North Koreans to use the platform.
The exchange said, “After reviewing the two alleged accounts provided to us on Thursday, we informed NYDFS that Bittrex had previously investigated these users in October 2017. South Korean users mistakenly selected North Korea in our country dropdown menu, but we determined through country identification, IP and physical addresses, that ALL were from South Korea.”
— Bittrex (@BittrexExchange) April 22, 2019
However not everybody was convinced. One user said, “Oh shut up you got a Chinese scam coin $OCN run by a criminal called Yi Shi on your platform and despite the fact the team have quietly disappeared and dumped all their tokens and ceased development on their project you refuse to delist putting people’s capital at serious risk. So in light of this I wouldn’t be surprised if you do actually have North Korean scam projects on your exchange.”
Recently, Bittrex was in the news when it emerged that the NYDFS had rejected the BitLicense application filed by the cryptocurrency exchange to operate in the state. At the time, the federal agency had said, “As you are also aware, 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. Since the submission of Bittrex’s application, the Department has issued several deficiency letters, among others regarding Bittrex’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) and Office of Foreign Assets Control (OFAC) compliance requirements and coin listing processes. It further has extensively engaged with Bittrex to outline the necessary steps to satisfy the Department’s licensure requirements.”
However, the agency had refuted the allegations and had said, “First, and foremost, we adamantly disagree with NYDFS’ claims and allegations in regard to our anti-money laundering (AML) and compliance practices. Corporate responsibility is in our DNA and our commitment to regulatory and compliance guidelines is second to none.”
Liked what you read? Join us on Telegram