The New York Department of Financial Services has rejected Bittrex’s application for a BitLicense. The regulator revealed that it has rejected the Seattle-based crypto exchange’s application in a letter recently published.
NYDFS Rejects Bittrex BitLicense in a Letter
In the letter, the NY regulator blames the rejection on a lot of factors. This rejection marks the first in two years by the NY regulator.
Daniel Sangeap, the deputy superintendent and deputy counsel at NYDFS wrote that:
“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,”
Sangeap continued that:
“The regulator “issued several deficiency letters” since the exchange first submitted an application, addressing Bittrex’s anti-money laundering procedures, Office of Foreign Assets Control compliance and its coin listing process. However, a number of…