Chinese Bitcoin exchanges warn NY over regulation

|By:, SA News Editor

In response to the NY Department of Financial Services' proposed "BitLicense", three of the biggest Bitcoin (COIN, OTCQB:BTCS) exchanges in China (BTCChina, Huobi and OKCoin) have released a joint letter addressed to NY regulators which warns of far-reaching consequences due to their pending legislation.

On July 17, the Department of Financial Services proposed issuing a BitLicense which would protect consumers, prevent money laundering and enforce cyber security, but the exchanges see too many restrictions in the proposed license.

At issue are enhanced customer checks and that restrictions in NY could lead to limitations in other jurisdictions.