ArtByte withdraws from the New York Market

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7Aug 2015
AppleBytes Comments Off on ArtByte withdraws from the New York Market

ArtByte withdraws from the New York Market

Due to the requirements of the New York BitLicense, ArtByte (formerly AppleByte) has decided to withdraw from the New York market, effective August 7, 2015.

The ArtByte Foundation is a non-profit corporation dedicated to supporting artists around the world, through the technology of digital currencies.

ArtByte provides support to artists in several ways. Of these, the following services are no longer available to New York residents:

  • ArtByte grants and awards given to artists
  • ArtByte tipping apps, allowing fans to tip or support artists via social media
  • Official pool server, allowing artists and fans to earn ArtBytes
  • The Orchard (faucet) server that allows artists and fans to receive free ArtBytes daily

We believe regulation is good for the digital currency industry. However, from our review, the complexities and costs of complying with New York’s far-reaching regulations far exceed those of other jurisdictions.

ArtByte prefers to allocate our funds to supporting artists around the world. It is a shame that the artists of New York will be unable to participate.

ArtByte main website: http://ArtByte.me

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