In line with a recent ‘official tweet‘ published, renowned U.S. based ‘cryptocurrency exchange‘ named Bittrex has announced that the recent claims of North Korean users trading on its platform are fake rumours.
Within the post, Bittrex declared that it had examined 2 accounts that allegedly belonged to the residents of North Korea, outlining that it had investigated the same accounts earlier in the month of October 2017 also. The exchange claims that the South Korean users rumoured to be trading on the platform, mistakenly selected North Korea within the country dropdown menu.
Bittrex aforesaid that it determined where the users were from through country identification, and physical and IP addresses, outlining that “there aren’t any users from North Korea trading on our platform.”
Earlier in April, Bittrex was ‘denounced‘ by the NYDFS [New York Department of Financial Services] for allegedly inadequate policies and controls relating to AML [Anti-Money Laundering], KYC [Know Your Customer] and OFAC [Office of Foreign Assets Control] standards. The NYDFS therefore denied a BitLicense application from exchange.
As per NYDFS, it had’ issued‘ several multiple compliance letters to Bittrex “to address continued deficiencies and helping the exchange in developing acceptable controls and compliance programs in proportion to the ever evolving nature of the ecosystem.”
Following the NYDFS’s denial, Bittrex revealed a ‘response‘ to the regulators call, expressing its disappointment, thereby arguing that the regulation “harms instead of protecting the New York customers.” The exchange additionally explained its disagreement with the NYDFS’ claims in relevance its AML and compliance practices.
At the reporting time, Bittrex is listed at the ‘58th position‘ on CoinMarketCap’s list of cryptocurrency exchanges in terms of adjusted commerce volume. Bittrex’s 24-hour trading volume is about $47.8 Mln at the press times, having gained about 8% over the past twenty four hours.