Press Release

April 10, 2019

DFS DENIES THE APPLICATIONS OF BITTREX, INC. FOR NEW YORK VIRTUAL CURRENCY AND MONEY TRANSMITTER LICENSES

Today the New York State Department of Financial Services (DFS) denied the applications of Bittrex, Inc. to engage in virtual currency business and money transmission activity in New York due to failure to meet the licensing requirements of DFS, primarily due to deficiencies in Bittrex’s BSA/AML/OFAC compliance program; deficiency in meeting the Department’s capital requirement; and deficient due diligence and control over Bittrex’s token and product launches. Bittrex’s customer base of approximately 1.67 million users is spread across multiple countries and approximately 40 states, and includes approximately 35,000 New York consumers. Effective April 11, 2019, Bittrex must immediately cease operating in New York State and within 60 days wind down its business in New York, including transferring positions and transactions, and provide for the safe custody of assets involving New York residents, as appropriate. New York consumers who have questions or concerns about today’s action can log onto https://www.dfs.ny.gov/contact_us/main or call the DFS Hotline at (800) 342-3736.

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