Civicex, a cryptocurrency exchange, denied North Korean users trading on their platform

Civicex, a cryptocurrency exchange, denied North Korean users trading on their platform

  

Bittrex, the US cryptocurrency exchange, said in a tweet on April 22 that the statement about North Korean users trading on its platform was wrong.

Bittrex said in this post that it checked two accounts that allegedly belonged to North Korean users and pointed out that the same account was investigated as early as October 2017. The exchange claimed that South Korean residents mistakenly chose North Korea's drop-down menu.

Bittrex said it uses country identification, physical address and IP address to determine where the user is coming from, and concludes that "no users from North Korea trade on our platform."

Earlier this April, Bittrex was accused by the New York Financial Services Authority (NYDFS) of poor policy and control over anti-money laundering (AML), understanding of your customers (KYC) and foreign asset control (OFAC) standards. NYDFS therefore rejected Bittrex's BitLicense application.

According to NYDFS, the company has issued multiple compliance letters to Bittrex "to address ongoing deficiencies and to assist Bittrex in developing appropriate control and compliance programs that are appropriate to the nature of the industry."

After the Financial Times reported on the matter, Bittrex responded to the regulator's decision, expressing disappointment and arguing that the regulation “damaged rather than protects New York customers”. The exchange also explained its disagreements with the Financial Times about its “anti-money laundering” and compliance practices.

As of the publication of this article, the exchange ranked 58th on CoinMarketCap's list of digital currency exchanges, based on adjusted trading volume. At the time of writing, Bittrex's 24-hour trading volume was approximately $47.8 million, up nearly 8% in the past 24 hours.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Research Report | The main currency calculations have hit record highs, and the trading volume is expected to hit the peak again during the year.

First, weekly industry dynamics 1. At present, the total market value of the encrypted goods market is 285.251 billio...

Blockchain

Getting started with blockchain | Can Google's latest quantum computer crack bitcoin? Is the wallet safe?

Recently, “ Google’s claim that it has achieved quantum hegemony ” has been screened in various ...

Blockchain

Behind 106 market cases, we discovered the impact of the BTC spot market structure on price discovery

(Onion Note: "Price Discovery refers to the process by which buyers and sellers reach a transaction price for th...

Blockchain

Market Analysis: BTC stopped falling and rebounded at the 10,000 US dollar mark, and the market turned into a shock stage.

Author | Hash sent analysis team Under multiple pressures, can BTC still stage a miracle day?Analyst: UK Brexit benef...

Blockchain

Viewing the Status Quo of Blockchain from "Byzantine Compassion" and the original sin of Nakamoto

Author: village two old "Byzantine Compassion" is the work of Mr. Liu Yukun, which is included in the "...

Blockchain

Advantages become disadvantages, researchers say Lightning Network is the best choice for creating botnets

Bitcoin's Lightning Network is a faster and cheaper way to send Bitcoin. But it could also be a more efficient w...