Poloniex, an American cryptocurrency exchange, has left New York because of BitLicense’s restrictions and limitations, reported Bitcoin Magazine. The publication reported that for a relatively small enterprise such as Poloniex, the license’s requirements for digital currency startups to pay a $5,000 non-refundable application fee to operate and maintain their services in New York is a challenging demand to meet.
“There are always pros and cons to regulations like BitLicense, but from a small business perspective, BitLicense is both limiting and frustrating,” said Poloniex founder Tristan D’Agosta to Bitcoin Magazine. “For a small business like ours, a $5,000 non-refundable application fee is a nonstarter. Consider what would happen if every state in the union followed suit – it would cost $250,000 just to apply for licenses in all 50 states.”
Moreover, the current iteration of BitLicense requires digital currency startups