Bittrex to Receive BitLicense Denial

NYDFS considers the company's policy of legal compliance to be inadequate or non-existent and they question the competence of the top manager
11 April 2019   1042

The New York State Deartment of Financial Services Authority (NYDFS) rejected the Bittrex Bitcoin Exchange (Seattle, USA) application for a license to conduct virtual currency activities (BitLicense). The department considers the company's policy of legal compliance to be inadequate or completely non-existent, and the competence of the authorized top manager is questioned.

As part of the cooperation, NYDFS sent several letters to Bittrex, which stated the shortcomings, in particular - in AML-procedures, however, according to the regulator, the exchange left some remarks without attention.

Thus, the agency provided the trading floor with 14 days to terminate all operations in the territory of the State of New York, as well as develop a plan to suspend work with its residents.

Also, the exchange has only 60 days to transfer funds to residents of New York, which are in the custodial vault.

In a separate letter to the CEO of Bittrex, Bill Shihara, department, among other things, drew attention to the insufficient, in its opinion, due diligence measures for clients, as well as to the fact that a large number of transactions lacked the necessary tax information or customer names.

The Office also questioned the effectiveness of the measures that the exchange took to prevent access to the platform by users on the sanction lists, pointing out several cases of questionable transactions. Additionally, it was noted that a number of Bittrex clients used “frankly unreliable names”, for example, “Elvis Presley”, “Donald Duck” and “Give me my money”.

In Bittrex, negligence claims against the regulator’s claims were refuted and stated that this behavior of NYDFS does not protect users from New York, but only harms them.

The exchange insists that the examples cited by the Office refer to 2017, but since then a more reliable user identification system has been implemented. As part of this process, Bittrex has restricted access to accounts that do not meet “enhanced verification standards.” In addition, in January 2018, the Office for Control of Foreign Assets received information on users from Iran.

Commenting on the listing of tokens, Bittrex stated that the Office had proposed an agreement under which it could provide residents of New York with access to only 10 assets. However, considering what more than 200 cryptocurrencies and tokens are trading on the exchange, it rejected such a condition.

DEAPCOIN IEO to be Held at OKEx on 8.04

The project is planning to raise $2M a the price of 1 DEP on IEO will be $ 0.0025
25 March 2020   960

OKEx Exchange announced Wednesday the 11th initial exchange offering (IEO). It will be conducted by the DEAPCOIN Project (DEP) and will be held on April 8th.

As in previous OKEx campaigns, the selection of participants and the selection of the allocation coefficient will be carried out according to two criteria: the average daily balance of OKB and the trading volume on the exchange. For each of the groups, allocation of 400 million DEP tokens is allocated.

The price of 1 DEP on IEO will be $ 0.0025. Thus, the project intends to attract up to $ 2 million from OKEx users. Trading in USDT and USDK pairs will start on the same day.

The DEP token was released by DEAPCOIN to shape the economy around the PlayMining entertainment platform they are developing, where users can earn cryptocurrency during games. DEP is presented as an ERC-20 standard token, while game items on the blockchain will use the ERC-721 standard.

Despite the generally negative dynamics of the IEO space recently, the token of the previous placement of the OKEx platform - HyperDAO - that passed at the end of February is currently trading almost 3 times higher than the initial selling price.