The US cryptocurrency exchange Bittrex with $47.8 million trading volume, accused North Korean users of alleged trading on its platform are false, according to a tweet last week.

The firm had reviewed two North Korea accounts, turned out they are the same accounts which were investigated in October 2017.  Furthermore, Bittrex added: “South Korean residents mistakenly selected North Korea in our country dropdown menu, but we determined through country identification, physical and IP address that ALL were from South Korea.”

The New York Department of Financial Services (NYDFS) has found some suspicious accounts in Iran, Bittrex still gave no comments about this. Shirin Emami – NYDFS executive deputy for banking, revealed the concern whether there are more fake accounts in other countries: “More may exist, at least one North Korean account was active into 2017”.

Earlier this month, the New York Department of Financial Services (NYDFS) has denied a BitLicense application from Bittrex, since the firm failed to comply with the Anti-Money Laundering (AML), Know Your Customer (KYC) and Office of Foreign Assets Control (OFAC) standards as “to address continued deficiencies and to assist Bittrex in developing appropriate controls and compliance programs commensurate with the evolving nature of the sector”. As a response, Bittrex showed the disagreements and argued this regulation may “harm rather than protect New York customers.”