Today the New York State Department of Financial Services (DFS) denied the applications of Bittrex, Inc. to engage in virtual currency business and money transmission activity in New York due to failure to meet the licensing requirements of DFS, primarily due to deficiencies in Bittrex’s BSA/AML/OFAC compliance program; deficiency in meeting the Department’s capital requirement; and deficient due diligence and control over Bittrex’s token and product launches. Bittrex’s customer base of approximately 1.67 million users is spread across multiple countries and approximately 40 states, and includes approximately 35,000 ... (full story)