Bittrex, one of the leading cryptocurrency exchanges in the world, announced the addition of another state to its USD market, earlier today. Bittrex has thus expanded its presence to around 40 United States territories, including South Carolina, Washington D.C., Montana, Kentucky, Arizona, Colorado, Iowa, and Massachusetts. Notably, this news comes days after the New York State Department of Financial Services [NYDFS] rejected Bittrex’s BitLicense application.
The Twitter announcement read,
“#Bittrex Community: Bittrex has been approved as a Money Transmitter in the state of Rhode Island! NMLS ID 1544336. We’re excited to welcome Rhode Island customers to join our USD Markets.”
Money Transmitter Act [MTA] or a Money Transmission Business Licensing Law requires any individual or business providing money transfer services by any means within the United States to procure a license from the State Banking Board.
The application of this law to platforms providing cryptocurrency services has been one of the main concerns for business ventures in the United States. This is mainly because states such as Pennsylvania have outrightly stated that this law did not apply to Bitcoin and other cryptocurrency exchanges, while others have not provided clarity on the subject.
The blog post read,
“Bittrex now supports eligible personal and corporate accounts for US Dollar (USD) trading, USD deposits, and USD withdrawals. Identity verified (personal or corporate) customers operating outside the United States or in one the […] US states/territories are eligible to participate”
Recently, the exchange was in the limelight over contradictory statements issued by the exchange and the NYDFS, pertaining to the former’s BitLicense application. The regulatory body had released a statement listing the reasons why the BitLicense was disapproved, with one of those reasons being the exchange’s North Korean accounts and the platform’s lack of ability to be updated in line with OFAC compliance. This was countered by the exchange, which went on to state that the North Korean accounts, in reality, belonged to South Koreans who “mistakenly selected North Korea.”
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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.