Bittrex NY Users to be Caught Off Guard

Due to legal issues, Bittrex ceased providing service to residents of New York and despite warning two month ago, some users got their assets blocked
10 June 2019   378

Bittrex Cryptocurrency Exchange on June 9 completely stopped the service of New Yorkers. Although the official announcement about the need to withdraw funds from the trading platform was published 2 months before, comments on the network indicate that not all users of the exchange knew the plan of action. Reddit users report about it.

The amount of people that don't know is staggering. I saved my friend 40k yesterday.
 

alexcaggz @reddit

Residents of New York accounts ban at Bittrex was the result of the refusal of the local financial regulator to provide the exchange with a license to carry out activities in its jurisdiction.

The New York State Department of Financial Services has exposed the company in numerous violations of current requirements, including providing access to the trading platform to residents of countries from the sanction lists and users who have used false names. Bittrex itself claims that it was negotiated, and insists that it took measures to eliminate a substantial part of the regulator's comments.

Last week, Bittrex announced that it will close access to 32 assets on its platform for US users.

Kraken to Raise $13.5 Thru BnkToTheFuture

2,263 people with an average investment of $100.000 took part in crownfunding campaign, which became record for the platform
25 June 2019   200

The US Bitcoin exchange Kraken raised $ 13.5 million through the sale of private equity through the investment platform BnkToTheFuture (BF). This was the most successful round of financing from individual investors in the history of BF, reports CoinDesk.

So, in total Kraken crowdfunding campaign was attended by 2,263 people with an average investment of $ 100 thousand. The funds raised are probably used by the exchange to make new acquisitions.

It is noteworthy that BF created a subsidiary, which became the recipient of individual investments in order to subsequently act as a single investor for Kraken. This allowed the exchange to bypass the requirements of the US Securities and Exchange Act and not to go to an IPO.

It is noteworthy that Kraken initially intended to raise $ 10.2 million, but the demand for its shares turned out to be higher and the exchange extended the fundraising period.

According to Kraken's own estimates, its capitalization is $ 4 billion.

Earlier this year, the exchange also acquired Crypto Facilities, a trading platform for cryptocurrency derivatives, expanding the range of services offered.