NYDFS, which denied Bittrex a BitLicense, requests the exchange postpone account closures in the state
October 25, 2019, 4:35AM EDT
1 min read
The New York State Department of Financial Services (NYDFS), the financial regulator for the state, has requested cryptocurrency exchange Bittrex postpone account closures in New York until further notice.
Bittrex announced the news Thursday, saying that the NYDFS's request means New York residents can continue to withdraw funds from the exchange, but may not deposit or trade.
On Apr. 10, the NYDFS denied Bittrex a BitLicense, primarily due to deficiencies in its compliance program, and asked the exchange to cease all operations in the state within 60 days i.e. by June 9.
Later, on June 28, the regulator asked Bittrex to reopen the ability for NY residents to withdraw their crypto holdings until Oct. 24, for those who may have missed the deadline.
Now Thursday’s request means Bittrex’s around 35,000 New York customers can continue to withdraw funds until further notice.
It is not clear why the regulator has made the request. The Block has reached out to both Bittrex and the NYDFS and will update this story if they reply.
Earlier this week, Bittrex announced that it is moving headquarters from Malta to Liechtenstein on Oct. 29, and will operate under the brand Bittrex Global.
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