Nothing a dramatic lack of AML oversight, the lack of transparency and the possible concealment of beneficial owner information and funds involved in transactions, the New York State Department of Financial Services has rejected the license application.
The risk of transitioning with Iran, North Korea and with fake names was highlighted as well.
The department, also known as NYDFS, separately questioned the competency of Bittrex’s compliance officer in light of the “severity of the deficiencies.”
Management was noted to have shown very little or no interest to follow compliance recommendations or to put in place effective resources for control and for the prevention of financial crime.
Other areas of the professional obligations of the firm, where noted as simply “non-existent” as users were found to be registered as “doland duck” and “your mum”.