Farewell, New York
Your deeds will be remembered. Hopefully, Charon accepts bitcoin.
Today Kraken discontinues service to New York residents.
Regrettably, the abominable BitLicense has awakened. It is a creature so foul, so cruel that not even Kraken possesses the courage or strength to face its nasty, big, pointy teeth. It’s at least a 40-man, bro.
Additional attributes, attacks and debuffs include:
- no guarantee of support from New York banks
- no guarantee of enforcement against unlicensed competitors
- reduced consumer protection
- unjustifiable burden and restrictions on global operations
- unjustifiable bifurcation of the service for New York alone
- unjustifiable expense for the opportunity to compete for the small market
- no exemption from traditional money transmission licensing
- no onramp for small businesses
- dubious value to the consumer
Drops:
- Scroll of Protection: New York Law Enforcement
While we’re sure that the protection from New York law enforcement is valuable, it comes at a price that exceeds the market opportunity of servicing New York residents. Therefore, we have no option but to withdraw our service from the state. Clients living in New York who wish to continue enjoying our award-winning service are encouraged to escape across the border before the consumer protective walls are erected around the state line.
If the BitLicense becomes significantly nerfed at some point in the future, we may attempt a rescue. Until then, you’re on your own. Good luck.
You can write the NYDFS Superintendent here: http://www.dfs.ny.gov/insurance/nyins_super.htm
You can write the NY Governor here: https://www.governor.ny.gov/contact
WTB 1x Holy Hand Grenade
It happened before, it can happen again. Hopefully, Snake accepts bitcoin.
