New York Watchdog Extends Window for Bittrex Users to Withdraw Funds

The crypto exchange will again extend its deadline for New York customers to withdraw funds from their accounts following the regulator's approval.

AccessTimeIconOct 25, 2019 at 10:18 a.m. UTC
Updated Sep 13, 2021 at 11:37 a.m. UTC

Crypto exchange Bittrex will once again extend its deadline for New York customers to withdraw funds from their accounts following approval from the New York Department of Financial Services (NYDFS).

by Bittrex, the extension is the second since the Seattle-based exchange was denied a regulatory license to operate in the state in early April, colloquially called the BitLicense.

Originally, Bittrex customers were given until June 8 to withdraw deposits on the exchange which was bumped to Oct. 24 with permission from the DFS

The state regulator had withheld licensing from Bittrex due to poor customer and transaction monitoring along with a lack of qualified staff, the executive deputy superintendent of banking for the NYDFS, Shirin Emami, said in an April CoinDesk opinion article.

New York’s BitLicense – largely considered the most rigorous state regulatory framework in the U.S. – has recently come under revision from the regulator itself.

Speaking at DC Fintech Week Oct 22, NYDFS Superintendent Linda Lacewell said the body is reviewing its standards in light of the industry's evolution.

“This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt to ... a changing industry,” she said at the time.

New York image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.