Bitfinex & Kraken bidding farewell to New York. Bitstamp applying for Bitlicense

[GermanGiant]

Today, Kraken pointed out the following points regarding Bitlicense in their blog...

Additional attributes, attacks and debuffs include:

1. no guarantee of support from New York banks
2. no guarantee of enforcement against unlicensed competitors
3. reduced consumer protection
4. unjustifiable burden and restrictions on global operations
5. unjustifiable bifurcation of the service for New York alone
6. unjustifiable expense for the opportunity to compete for the small market
7. no exemption from traditional money transmission licensing
8. no onramp for small businesses
9. dubious value to the consumer

Source: http://blog.kraken.com/post/126244351097/farewell-new-york


Bitfinex announced their withdrawal before: https://www.bitfinex.com/pages/announcements/?id=51


Now, Nejc Kodrič, co-founder of Bitstamp has announced...

Bitstamp is applying for Bitlicense.

Source: https://twitter.com/nejc_kodric/status/630309296245489664


So, I'd like to know, the choice of bitcoiners in general. Will you go for a Bitlicensed exchange or not ?

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[WhatTheGox]

Seems like bitstamp are getting a hard time from the odd person on twitter for applying.  Im not sure its that big a deal is it?  If anything we'll see how much of a pain in the arse bitlicense is.  Its also not like bitstamp is the major player anymore.

[LiteCoinGuy]

Maybe Kraken will join in 1-2 years. I would say it is a mistake not to stay in NY...

[GermanGiant]

Maybe Kraken will join in 1-2 years. I would say it is a mistake not to stay in NY...

Are you from NY ?

[ashour]

Maybe Kraken will join in 1-2 years. I would say it is a mistake not to stay in NY...

Well it depends on the business, bitfinex and kraken probably weren't popular in NY and they decided to move from there since it is not worth the time/effort etc.

[Mickeyb]

It's a complete idiocy what the NY state officials are doing and how they are short-sighted. I mean NY and its state could have been leaders if the technological revolution, yet they are pissing away all of the advantages and closing all the doors while losing huge profits! I mean just wow!

[bryant.coleman]

Maybe Kraken will join in 1-2 years. I would say it is a mistake not to stay in NY...

I don't think that Kraken will return to New York, unless the Bitlicense requirement is scrapped. I support their decision as well. If all the exchanges comply with the Bitlicense requirement, then the other states will also get bold, and they will introduce similar license requirements as well. In the end, the Bitcoin users will suffer, and they will be forced to pay higher fees and commissions.

[Alley]

Gemini is going to own new York.

[ashour]

Gemini is going to own new York.

Seems possible and likely but the question is, is NY actually worth it ? For Bitfinex and Kraken it doesn't seem so and that is why they decided to move out from there.