The popular cryptocurrency exchange Bittrex was today denied its application to operate in the state of New York.

The New York Department of Financial Services (NYDFS) rejected the BitLicense application from the exchange on the grounds of failure to adequately comply with a number of policies. In a letter written by NYDFS and addressed to the CEO of Bittrex, Bill Shihara, it is explained that the exchange failed to comply with the state’s anti-money laundering, know your customer and Office of Foreign Assets Control (OFAC) standards.

Bittrex first applied for the license back in August 2015 and has been operating in the state under a “safe harbor” since then, granted by NYDFS. Now, Bittrex has been given until tomorrow to cease all operations within the state of New York, as well as two weeks to formally confirm this closure via a written statement.

NYDFS claim they have issued the exchange multiple warnings regarding its ”continued deficiencies” in compliance, also telling the exchange it needed to develop ”appropriate controls and compliance programs” in line with the ”evolving nature of the sector”.

 

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