The popular American exchange Bittrex is in the coming altcoin news for denying the claims of North Korean users trading on its platform. The news went viral and came from a tweet shared on April 22, in which Bittrex stated that it had thoroughly examined two accounts which allegedly belonged to users from North Korea.
The cryptocurrency exchange Bittrex also noted that it had thoroughly investigated the same accounts back in October 2017. As the crypto news state, the exchange claims that the South Korean residents mistakenly choose North Korea in the country dropdown menu.
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On top of this, the American exchange Bittrex noted that it determined where the users were from through the country identification as well as the physical and IP addresses, stating the following:
“There are no users from North Korea trading on our platform.”
Earlier in April this year, Bittrex was denounced by the New York Department of Financial Services (NYDFS) for its allegedly inadequate policies and controls regarding its Anti-Money Laundering (AML) practices, Know Your Customer (KYC) and the Office of Foreign Assets Control (OFAC) standards. At the event, the NYDFS denied a BitLicense application from the American exchange Bittrex as well.
As NYDFS stated, there were many compliance letters sent to Bittrex in order to “address continued deficiencies and to assist Bittrex in developing appropriate controls and compliance programs commensurate with the evolving nature of the sector.”
Following this, the American exchange released a response to the regulators decision and expressed its major disappointment, further arguing that the regulation “harms rather than protects New York customers.”
The exchange also said that it disagrees with the NYDFS’ claims in regards to its AML and compliance practices. Currently, altcoin news show the American exchange Bittrex sitting at the 58th spot on CoinMarketCap’s list of digital currency exchanges with the biggest adjusted trading volume. Its 24-hour trading volume is around $47.8 million and is gaining volume all the time, with even 8% gains in the past 24 hours.
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