Law360 (April 10, 2019, 8:26 PM EDT) — The New York State Department of Financial Services rejected Bittrex’s applications for virtual currency licenses due to severe compliance failures and, in its first-ever publicly announced letter, told the company Wednesday it is no longer welcome in the Empire State.
In a letter to Bittrex Inc. CEO Bill Shihara, DFS said that the cryptocurrency exchange’s 2015 application to engage in virtual currency business and its July application to engage in money transmission activity were denied because of inadequate efforts to comply with anti-money laundering regulations, lack of due diligence in launching products, and lack of funding.
DFS also ordered Bittrex to…
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