Bittrex extended the withdrawal period for residents of New York

Bittrex, the American Bitcoin exchange, has extended the withdrawal period for clients from New York State upon the request of the regulator.

Important information for New York customers: NYDFS has requested that Bittrex postpone the New York account closure deadline until further notice. New York residents will be able to continue to withdraw funds, but may not deposit or trade. Details: https://t.co/iJXXDPNF8S

– BittrexUS (@BittrexUS) October 24, 2019

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 to them.

BitLicense is considered the most stringent set of rules 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.

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