Services of the cryptocurrency exchange Bittrex, is officially unavailable to New York users. The exchange had announced it two months ago, but a lot of people were alerted to it when a user reminded others on Reddit.
A Reddit user named alexscaggz said, “We regret to notify you that Bittrex will be ceasing all operations for New York residents. All trading for New York customers will be halted on April 11, 2019 at close of business (COB) with all account access disabled on June 9, 2019 at COB. This decision is a result of regulatory requirements that would have materially affected other parts of our business, including how Bittrex operates in other states and countries, and we can no longer operate in New York State. Below you’ll find some helpful information to help you through this process. Withdraw Coins/Tokens Please follow these steps in order to withdrawal your coins and tokens from Bittrex. You must withdraw your coins/tokens by June 9, 2019 at COB. After this date, the assets will become unrecoverable.”
Another user said, “This was announced two months ago.”
If this news was announced two months ago, it must have come around the same time when the New York State Department of Financial Services (NYDFS) rejected the BitLicense application filed by cryptocurrency exchange Bittrex to operate in the state.
At the time, the exchange 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.”
This reaction had come soon after the NYDFS had pointed out various deficiencies in the exchange’s operations. Rejecting the BitLicense, the federal body had said, “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.”
Liked what you read? Join us on Telegram