Home Cryptocurency ExchangesState Regulator Kicks Crypto Exchange Bittrex Out Of NY
State Regulator Kicks Crypto Exchange Bittrex Out Of NY

State Regulator Kicks Crypto Exchange Bittrex Out Of NY

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…

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

Human Verification: In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.