Bittrex New York Woes Showcase Regulator's 'High Bar' On Crypto

Bittrex, one of the world’s largest cryptocurrency exchanges by volume, is crying out for “regulatory clarity” in the United States, the company’s chief strategy officer told a blockchain conference in late March.

Last week, Kiran Raj got his wish — in the form of a blistering five-page letter from the New York States Department of Financial Services (NYDFS) denying Bittrex virtual currency and money transmission licenses.

The rebuke to one of the biggest players in the U.S. crypto market has drawn attention to increasingly stringent anti-money laundering (AML) and know your customer (KYC) procedures demanded by regulators, under the gaze of the Financial Action Task Force.

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