New York Financial Regulator Slams, and I mean SLAMS, Bittrex

[wry]

A major US crypto exchange, Bittrex, was recently denied a "bit license" by the New York Department of Financial Services (NYDFS).

Apparently Bittrex has been complaining about why they were denied their bit license.  The NYDFS apparently respectfully disagreed and so put out a statement about why Bittrex wasn't licensed and Bittrex has not been being very good about a few things:

• Questionable ID verification

• Lots of accounts without names associated with them.

• Shoddy listing criteria

In short, they were massively unimpressed.

I'm not sure how I feel about this one.  I'm sort of sad to see the frontier closed to things like anonymous exchanges (you even have to register now for dinabot!) as well as a major exchange like Bittrex falling down like this.  At the same time, that's the path of adoption, you have to have infrastructure be more and more legit.  What do you think?

Link:  https://www.coindesk.com/nydfs-why-we-rejected-bittrexs-application-for-a-bitlicense

[williamshennie9]

Damn, I think this is definitely bad news overall. The point of crypto was to be decentralised, and not governed by any particular authority. In my opinion, as soon as someone starts asking for verification to use a crypto based platform, they are in a way centralising it, by collecting personal data of all those who use their service.

[BLXN]

you have to believe that the powers that regulate the fiat market are going to want all of this Wild West shit shut right down-- I wasn't aware of Bittrex, but I'm sad to hear of their troubles just based on their total lack of scrutiny. BTC itself is a puppet of the market-- the Whales have long harpooned that behemoth, and now tug its strings when they want the rest of the market to play along with their whims. With XRP having many close ties to globalist agenda, and fiat exchange services, it might not be long before we see some major changes with regulation.