Escape from New York: Kraken & Paxful Join ‘Bit-Exodus’

The deadline for mass exodus of Bitcoin companies from New York due to the authorities’ infamous BitLicense regulations has culminated over the weekend with the exit of several prominent companies such as Kraken and Paxful. August 8 was the deadline when digital currency companies doing business in New York State or with New York State residents had to either comply with state regulations or cease all business therein.

BitLicense drives out many Bitcoin market leaders

We have chronicled the departure of the BitFinex, the world’s largest Bitcoin exchange, from the New York market, but that was just the tip of the iceberg. Joining them is the premier European Bitcoin exchange, Kraken, who reported the news on their blog on Saturday. Specifically:

“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.”

In addition, bitcoin wallet provider

Read more ... source: Cointelegraph