September 26, 2020

Bittrex extended the withdrawal period for New Yorkers

Bittrex U.S. Bitcoin Exchange Extends New York State Withdrawals regulator.

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The New York State Financial Services Authority (NYDFS) requested the exchange not to close its state account until further notice.

Bittrex was forced to refuse to serve residents of the jurisdiction after it was not able to obtain the so-called BitLicense at the beginning of the year - a NYDFS license for cryptocurrency companies.

Initially, the regulator ordered the exchange to stop all operations in the state by June 9. Later, the agency asked Bittrex to extend the withdrawal period for New Yorkers until October 24.

The exchange reminded state customers that they can only withdraw funds, deposits and other operations are still closed for them.

BitLicense is considered the most strict setrules for the cryptocurrency industry at the state level, today only 22 companies have become its owners. This week, NYDFS announced a possible review of licensing terms for industry representatives.