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Bittrex opens its USD markets to customers in Rhode Island with Money Transmitter License

Priya

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Bittrex opens its USD markets for customers in Rhode Island with Money Transmitter License
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Bittrex, one of the leading cryptocurrency exchanges in the world, announced the addition of another state to its USD market, earlier today. Bittrex has thus expanded its presence to around 40 United States territories, including South Carolina, Washington D.C., Montana, Kentucky, Arizona, Colorado, Iowa, and Massachusetts. Notably, this news comes days after the New York State Department of Financial Services [NYDFS] rejected Bittrex’s BitLicense application.

The Twitter announcement read,

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

Money Transmitter Act [MTA] or a Money Transmission Business Licensing Law requires any individual or business providing money transfer services by any means within the United States to procure a license from the State Banking Board.

The application of this law to platforms providing cryptocurrency services has been one of the main concerns for business ventures in the United States. This is mainly because states such as Pennsylvania have outrightly stated that this law did not apply to Bitcoin and other cryptocurrency exchanges, while others have not provided clarity on the subject.



The blog post read,

“Bittrex now supports eligible personal and corporate accounts for US Dollar (USD) trading, USD deposits, and USD withdrawals. Identity verified (personal or corporate) customers operating outside the United States or in one the […] US states/territories are eligible to participate”

Recently, the exchange was in the limelight over contradictory statements issued by the exchange and the NYDFS, pertaining to the former’s BitLicense application. The regulatory body had released a statement listing the reasons why the BitLicense was disapproved, with one of those reasons being the exchange’s North Korean accounts and the platform’s lack of ability to be updated in line with OFAC compliance. This was countered by the exchange, which went on to state that the North Korean accounts, in reality, belonged to South Koreans who “mistakenly selected North Korea.”





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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.

Bitcoin

SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change

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SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
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The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.



This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”





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