How does the bitlicense in New York affect the operations of cryptocurrency exchanges?

1 answers

• Rachael McCueMay 31, 2024 · a year ago
  As a representative of BYDFi, I can say that the bitlicense has had a significant impact on the operations of cryptocurrency exchanges in New York. It has forced exchanges to invest heavily in compliance measures, such as implementing robust AML and KYC procedures, hiring legal and compliance teams, and obtaining the necessary licenses. While these requirements ensure a higher level of security and protection for users, they also increase the operational costs for exchanges. Additionally, the bitlicense has created a barrier to entry for new exchanges, as the application process and compliance requirements can be daunting. However, BYDFi has successfully navigated these challenges and remains committed to providing a secure and compliant trading platform for users in New York.
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