Business

Dennis Wafula

Bittrex secures money transmitter service license in Delaware

Digital asset trading platform Bittrex has announced its expansion into Delaware to provide money transmitter services. Delaware is currently the 42nd state in the United States that Bittrex has been approved to operate in, as they seek to meet their objective of working in all the states.

Bittrex has received approval to serve as a money transmitter in Delaware. The license will allow users to trade, deposit, and withdraw USD. The firm promised to uphold similar high standards for all exchanges. According to a tweet, “Bittrex has been approved as a Money Transfer in the state of Delaware! NMLS ID 1544336. We are excited to welcome Delaware customers to join our USD markets.”

Getting into the U.S. market currently requires exchanges to register as well as go through a series of preliminary tests before obtaining a license to operate any business. Getting a money transfer service license in an additional state proves that Bittrex is meeting all the necessary terms and abiding by the provided laws and regulations. Other recent states that Bittrex has moved into include Pennsylvania, Colorado, Carolina, Nebraska, Missouri, Rhode Island and Alaska.

Bittrex was pushed to get a license due to the Money Transmitter Act (MTA) or to the Money Transmission Business Licensing Law. According to this law, any service provider (an individual or a business entity) providing money-related services in the U.S. is required to secure a money transmission license awarded from the State Banking board.

The platform promises to offer services to other states as consumers show their interest in the services they offer. Looking at some tweets after their announcement, residents from other states are enquiring when their states such as Minnesota and New York will get Bittrex.

Responding to a tweet on the question on whether they are will venture into Minnesota, Bittrex said, “We are still waiting for approval. We will make an announcement if we have any updates.”

In addition to expanding in the U.S., Bittrex is expanding in Europe. In June 2019, Bittrex expanded their services to Liechtenstein.

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