New York State’s financial regulator has ordered Bittrex to cease operating in the state after rejecting its application for a Bitlicense. Multiple deficiencies were cited, some of which Bittrex immediately disputed. Meanwhile, Bitstamp has been green-lighted to offer the trading of five cryptocurrencies in the state.
Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request
One Approval, One Rejection
The New York State Department of Financial Services (NYDFS) approved one crypto exchange for a Bitlicense and then rejected another the following day. The regulator announced Wednesday that it has denied “the applications of Bittrex Inc. to engage in virtual currency business and money transmission activity in New York.”
A representative at the NYDFS told news.Bitcoin.com Wednesday:
There is no appeals process following a denial but the company could reapply.
Bittrex has approximately 1.67 million users globally including those in about 40 U.S. states, approximately 35,000 of which are in New York,…