New York Rejects Bittrex's BitLicense Application

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New York has rejected Bittrex’s BitLicense application. This means that New Yorkers will no longer be able to trade on the Bittrex exchange. This decision only effects New York state.^[1]

With that in mind, this decision effects Bittrex users immediately. If you have crypto or cash on Bittrex and live in New York, from what I understand Bittrex will either let you move your funds or will work with you to move your funds (and they will also be offering 0% trading fees to New York customers while their final trades are being made).

This is an unfortunate turn of events, but not exactly unexpected, as New York has very strict rules when it comes to cryptocurrency.

With that covered, instead of me trying to explain things, you should read the official statment from Bittrex.

We’re sorry to see you go, New York. Today we’re offering 0% trading fees for NY residents. It’s our way to say goodbye and thanks. https://t.co/J2VFK8j9vH

— Bittrex (@BittrexExchange) April 11, 2019

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Citations

Bittrex Statement on the New York Department of Financial Services (NYDFS) Decision. Bittrex.zendesk.com.

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