Let me start with I LIVE in NY and hate the fact that there are so many hoops to jump through for things. I hate the fact that I can’t get certain crypto services because I live here.
I love the fact that when I had a problem with a certain crypto business that has a bitlicense I made *1* phone call on a Monday morning and had the problem fixed before the weekend. This was after close to two months of emails to their “support” people and their “executives” getting involved.
So yeah it sucks, yeah I hate KYC / AML. Yeah I would like other exchanges to be here. Etc.
But in the end it’s also a bit useful.
Same also for regular banks, they fear the NYSDFS more than just about any other organization.
Here is a youtube link that just about the explains the conversation that a DFS person had with a bank that tried to not make good on a deposit bonus for someone who used to work for me.
[NSFW]
https://www.youtube.com/watch?v=Aed5_85SMb4Yes, that is close to what they did over a “deposit $2500 and get a $100 bonus after 90 days and 15 bill payments” promo that they did not want to make good on.
The carrot is you get to do business in New York, a state that has a lot of people and a lot of businesses with a lot of money. The stick is really a club with spikes swung by Conan the Barbarian.
So, if they rejected Bittrex, they probably had a reason.
-Dave