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Bittrex expands its USD market to Delaware as state approves Money Transmitter License




Bittrex expands its USD market to Delaware as state approves Money Transmitter License
Source: Unsplash

Bittrex, a leading cryptocurrency exchange in the United States, recently announced that it had secured another Money Transmitter License in the United States. The US state that was recently added to the exchange’s USD market was noted to be Delaware, making it the 42nd state on the exchange’s list. The exchange announced,

#Bittrex Community: Bittrex has been approved as a Money Transmitter in the state of Delaware! NMLS ID 1544336. We’re excited to welcome Delaware customers to join our USD Markets

Prior to adding Delaware to the list, the exchange had expanded its services to Rhode Island in April 2019. The other prominent US territories include Pennsylvania, Colorado, Arizona, Missouri, Nebraska, Montana, Alaska, Texas, Ohio, New Jersey, South Carolina, and Wyoming.

Notably, the exchange had to procure a license before opening its USD markets to customers because of the Money Transmitter Act [MTA] or the Money Transmission Business Licensing Law. This law states that any individual or business that is involved in providing services related to the transfer of money in the United States will have to secure a Money Transmission License from the State Banking Board.

Keeping this aside, Bittrex International also made an announcement with regards to its operations. The platform stated that it would be operating in Liechtenstein, the fourth-smallest country in Europe. The exchange would be extending its services only to qualified customers. More so, the exchange will also be working alongside the regulators and would comply with the regulatory framework set by the country’s regulatory authority. More so, the exchange would also have a compliance team in the region in order to ensure that it mains the same KYC/AML process it does in other international services.

The exchange said in a blog post,

“Bittrex International will operate in Liechtenstein within the proposed regulatory framework under consideration by the Liechtenstein parliament, the Transaction Systems Based on Trustworthy Technologies Act, also known as the Blockchain Act.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.