Bittrex refutes Claim of North Korean Users on its Crypto Exchange

American cryptocurrency market Bittrex has stated that claims of North Korean users trading onto its own stage are false at a tweet on April 22.

From the article, Bittrex said that it had analyzed two accounts that belonged to customers out of North Korea, noting that it had researched the exact reports back in October 2017. The market claims that South Korean residents erroneously choose North Korea from the country dropdown menu.

Bittrex explained that it decided where the consumers were from through state identification physical and IP addresses, concluding that”there aren't any users from North Korea trading on the platform.”

Earlier in April, Bittrex had been denounced from the New York Department of Financial Services (NYDFS) for supposedly insufficient policies and controls concerning Anti-Money Laundering (AML), Know Your Client (KYC) and Office of Foreign Assets Control (OFAC) criteria. The NYDFS thus refused a BitLicense program from Bittrex.

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In accordance with NYDFS, it'd issued several compliance letters to Bittrex” to tackle continued deficiencies and also to help Bittrex in creating proper controls and compliance applications combined with the evolving character of this industry.”

Adhering to the NYDFS's refusal, Bittrex introduced a result of the regulators' conclusion, expressing its disappointment and asserting that the law “harms rather than shields New York clients”. The market also clarified its debate with the NYDFS' claims in respect to its own AML and compliance practices.

At press time, Bittrex has been ranked 58th on CoinMarketCap's listing of electronic money exchanges concerning fixed trading volume. Bittrex's 24-hour trading volume is about $47.8 million in press time, which gained nearly 8% over the previous 24 hours.

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