Bittrex to cease operations in New York, tells clients to withdraw funds

11 Apr, 2019
News
Bittrex to cease operations in New York, tells clients to withdraw funds

Bittrex has announced that it will be pull its business out of New York following the recent decision by the New York Department of Financial Services (NYDFS) to decline the company a BitLicense. 

The news was not well received by Bittrex, who had admitted that they were disappointed in the decision made by the NYDFS decision to decline the BitLicense. A BitLicense would allow the company to continue operations in the State of New York as a fully regulated company.

While attaining a BitLicense has proven difficult for companies, only a handful of the licenses have actually been awarded. Bittrex was fully expecting to get the BitLicense approval, after admitting that they had worked diligently with the NYDFS to address their questions and meet their requirements.

Read more: NYDFS denies Bittrex's application for a BitLicense

Bittrex has now contacted users based in New York asking them to withdraw their funds by June 9, 2018 or face losing their holdings. The email, which was shared on social media site Reddit, states that "Bittrex will be ceasing all operations for New York residents"

 

The news comes as a massive blow for Bittrex, who over the years has operated as one of the more popular exchanges across the globe. The hindrance to New York residence comes as another blow to the market in the USA, with users taking to twitter to explain their frustrations on the recent decision.

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