NYDFS has rejected the application submitted by the exchange. In response, the Bittrex team made a number of statements to the media, trying to “save face”.
According to representatives of the DFS of the New York State, the exchange does not fully comply with the proposed licensing requirements. Instead of clearly understanding the context of the official statement and trying to fix the problems, her press service distorts the facts and telling lies when talking to the media.
Thus, in the course of the licensing process, the stock exchange was regularly notified in writing of the deficiencies found. Bittrex representatives swore to eliminate them. But either they didn’t honor the agreements, or tried to convince DFS that a different approach was needed to them than to other regulated firms.
The main and yet unsolved problems:
lack of experienced staff;
lack of transaction monitoring;
poor customer risk awareness.
Based on these and a number of other identified problems in a license issuing ,the exchange was denied. According to ATBCoin experts, this is quite fair. The law should be one for all. Of course, the guys from Bittrex hoped to strengthen their positions with a license. But, hey, not at our expense ))