Bittrex Welcomes Rhode Island Users With Acceptance Of New Money Transmitter License
Bittrex Extends Its Reach To Rhode Islands With Its New Money Transmitter License
Today, a leading global crypto exchange Bittrex, added another American state to its fold.
This new addition brings Bittrex’s territory to 40 American states, which include but are not limited to Kentucky, Montana, Washington DC, South Carolina, Iowa, Colorado and Massachusetts.
This new addition surprisingly comes a few days after the Department of financial services of New York (NYDFS), turned down their application for their BitLicense.
Bittrex’s tweet stated:
“#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.”
The licensing laws governing money transmission businesses (Money Transmission Act), demands that any business or individual involved in funds transfer via any means would be required to obtain a license from the relevant state banking board.
In Or Out?
The inclusion of crypto financial services to the above law has been a bone of contention for business owners in the United States.
The state of Pennsylvania has clearly stated that Bitcoin and other cryptocurrencies and exchanges are not included in this law. Many other states are yet to declare their stand on the issue.
On the issue Bittrex’s blog post said
“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”
North Or South
Bittrex was recently in the spotlight, for giving a different report from that of the NYDFS, as regards their application for the BitLicense. The regulator gave reasons for the rejection of their BitLicense, among which, was the use of North Korean bank accounts, and lack of OFAC compliance standards.
In response to this, Bittrex said that the accounts belong to South Koreans, who erroneously selected North Korea as their locations.
In conclusion, Bittrex stated that they are committed to new market opportunities involving blockchain innovations, and maintaining their commitment to its security and industry compliance.
They added that “we’ve got a lot planned this year to further expand the business and provide new opportunities for our customers”