New York denies Bittrex a virtual currency license and orders it to cease doing business in New York

A day after the New York State Department of Financial Services (DFS) approved its 19th application for a license or authorization to conduct a virtual currency business in New York, it issued a denial of the application of Bittrex, Inc. (Bittrex) for a DFS BitLicense and a Money Transmitter License. Bittrex had been operating a virtual currency business in New York for the past few years under a “safe harbor” provision in the DFS virtual currency regulations that allowed Bittrex to operate while the DFS processed the application, which was filed originally in 2015. The application for a money transmitter’s license had been filed in 2018. The DFS was quite blunt in its denial: Based on the Department’s extensive review of the information submitted and the Department’s review of Bittrex’s operations, the Department hereby denies the applications due to the applicant’s failure to demonstrate that it will conduct its business honestly,…

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