Topic: Bittrex International shutting down services from 31 countries. (Read 568 times)
I smell something fishy here. Shutting down an exchange due to regulatory issues is fine if it's for 1 or 2 countries at a time but shutting down completely in such a huge number of countries is completely weird. Besides that, I don't know when did they make the announcement but Oct 29 is too near and Bittrex should have at least given a whole month to their customers to withdraw their funds. I am glad I stopped using Bittrex a year ago.
October 26, 2019, 05:28:28 AM
I don't think they'd get rid of all those places unless it was someone else's condition.
Most of them are not violent or controversial so it must be some other weirdo's desire.
The other possibility is that those non controversial countries cost more in compliance than they generate in custom but the amounts must be tiny and if I were them I'd be looking to include than exclude. Growth could come at any time.
Most of them are not violent or controversial so it must be some other weirdo's desire.
The other possibility is that those non controversial countries cost more in compliance than they generate in custom but the amounts must be tiny and if I were them I'd be looking to include than exclude. Growth could come at any time.
October 26, 2019, 04:36:34 AM
I find it hard to believe that this is some sort of co-ordinated regulatory tightening from all 30 countries. Especially when there are still other regulated exchanges that are still operating or offering services to these aforementioned countries.
But the list excludes any major first world country, and includes mostly countries that are experiencing either economic hardship or subject to some form of global sanctions at the moment, which is very curious.
Much more likely that Bittrex is simply feeling the pressure to self-regulate and not have to make these changes in anticipation of the future.
But the list excludes any major first world country, and includes mostly countries that are experiencing either economic hardship or subject to some form of global sanctions at the moment, which is very curious.
Much more likely that Bittrex is simply feeling the pressure to self-regulate and not have to make these changes in anticipation of the future.
October 26, 2019, 03:16:02 AM
I think I have read somewhere too about this news, but from what I read, I think that they are only trying to short down the international part of the system and turning it to global because we still have Bittrex global that they are just launching, which if you look at the word international and global, I really don’t see any difference that much in the two words, so I really don’t know exactly what the issue could be that would have led to this action being taken by them because prior to now, there was no news of any challenge they are having, and Bittrex is a very big exchange that I don’t expect to actually have all these type of issue, but I believe that it is something that is not beyond control, but to be on a safe side, it is better that we just withdraw some of our funds and watch as things unfold.
October 23, 2019, 02:54:35 AM
This is how Centralized exchange is going down gradually. Bittrex trading volume was decreasing continuously and now this regulation problem will cause it to go further down. For the regulation issue, the TON blockchain failed to stand well and this regulation rules will be eating the Centralized exchanges. I feel bad that Bittrex is closing down in 31 countries! However, Life continues.
October 22, 2019, 03:26:55 PM
I am quite surprised to knowing that there are about 31 countries that will be blocked from access, without knowing a clear
reason why this happened. But in my opinion, bittrex exchanges is quite responsible for this notification, and is welcome to
withdraw coins for users who contained in the list of 31 countries. Many speculations are circulating regarding the closure of
services to some of these countries. Hopefully the bittrex exchanges itself will explain this problem. We are just waiting for
what the real news is like.
reason why this happened. But in my opinion, bittrex exchanges is quite responsible for this notification, and is welcome to
withdraw coins for users who contained in the list of 31 countries. Many speculations are circulating regarding the closure of
services to some of these countries. Hopefully the bittrex exchanges itself will explain this problem. We are just waiting for
what the real news is like.
October 22, 2019, 10:30:53 AM
From overall discussion I have learn that shutting down their services would effect some user who are not most active. Because the timeframe isn't much longer. Even me honestly I had open my account 2 times during my 105 days vacation. So who know perhaps so many user will not noticed about their shutting down and Bittrex will seize. But this s not quite reasonable in my opinion. They should just ban them from trading, but withdrawal should remain open for long time. So users won't loss their funds.
October 22, 2019, 04:17:21 AM
They will not do that.
Why not? They did it before en masse only last year, when they locked without warning the accounts of users from Egypt, Russia, and Iran. You can read the story about it here: https://coinvigilance.com/bittrex-exchange-unsafe-your-funds-are-locked-without-an-id-they-like/. They do it to individual accounts all the time, when they lock them for arbitrary or non-specific reasons, or demand more KYC documents and information, all without warning. You can see plenty of posts on here, on reddit, on twitter, of users who have had their accounts locked suddenly and had zero response from Bittrex for weeks or even months.This is by no means unique to Bittrex. All centralized exchanges engage in this behavior. Keeping your coins on a centralized exchange is a daily gamble as to whether or not you will be allowed to access your own money. I have no idea why people still do it after all the shady stuff they've done over the years.
October 21, 2019, 11:42:14 PM
Good thing they have announced it before they finally closed it down in different countries. I can't imagine if ever they go shut it down without prior notice to everyone making it as an exit scam like other scam exchanges does. Hope those users tend to withdraw their funds last Oct. 18. I've read here that their bitlicense was denied. That is the main reason why they are shutting down with 31 countries.
They will not do that. They will give announcements to their members who lived in the country on the list. Members still have at least a week to withdraw all of their coins and move to another exchange. I guess that binance will get these benefits from the members of Bittrex because they can move to binance which don't require to complete the KYC. That could be one of the reasons why Bittrex is shutting down with 31 countries, but still, we can only guess for the real reason. We hope all members from the country on that list can withdraw their funds without a problem at all.
October 21, 2019, 10:21:31 PM
Good thing they have announced it before they finally closed it down in different countries. I can't imagine if ever they go shut it down without prior notice to everyone making it as an exit scam like other scam exchanges does. Hope those users tend to withdraw their funds last Oct. 18. I've read here that their bitlicense was denied. That is the main reason why they are shutting down with 31 countries.
October 21, 2019, 07:26:00 PM
Seems like there might be some "regulatory uncertainty" in Malta as well. Just spotted this on reddit: https://www.reddit.com/r/Bittrex/comments/dl59ht/bittrex_international_update_bittrex_global_launch/
Essentially they are shutting down "Bittrex International" which is headquartered in Malta, and launching instead "Bittrex Global" which will be headquartered in Liechtenstein.
Essentially they are shutting down "Bittrex International" which is headquartered in Malta, and launching instead "Bittrex Global" which will be headquartered in Liechtenstein.
i haven't heard anything about changes at binance, okex, or other malta-based platforms.
i'm thinking it has less to do with malta and more to do with liechtenstein. this move comes directly after liechtenstein passed comprehensive token regulation earlier this month: https://cointelegraph.com/news/liechtensteins-parliament-unanimously-approves-new-blockchain-act
according to that article:
Quote
Bittrex chose to establish a trading platform in Liechtenstein because of the small country's clarity in regulating digital currencies and blockchain technology.
it's not clear why they need to stop service in so many countries though.
October 21, 2019, 04:12:41 PM
Seems like there might be some "regulatory uncertainty" in Malta as well. Just spotted this on reddit: https://www.reddit.com/r/Bittrex/comments/dl59ht/bittrex_international_update_bittrex_global_launch/
Essentially they are shutting down "Bittrex International" which is headquartered in Malta, and launching instead "Bittrex Global" which will be headquartered in Liechtenstein.
Funny that the say they want to be the "premier global exchange" only 24 hours after withdrawing service from 31 countries...
The statement that all customers "must accept" their new Terms of Service makes me suspect there is something in those Terms of Service that people aren't going to like very much.
Essentially they are shutting down "Bittrex International" which is headquartered in Malta, and launching instead "Bittrex Global" which will be headquartered in Liechtenstein.
Funny that the say they want to be the "premier global exchange" only 24 hours after withdrawing service from 31 countries...
The statement that all customers "must accept" their new Terms of Service makes me suspect there is something in those Terms of Service that people aren't going to like very much.
October 21, 2019, 03:56:48 PM
Regulatory uncertainty doesn't mean they're anti-crypto per se. Bittrex is trying to save their ass because it's possible that those countries start killing them when they finished the regulation.
The pathetic and eternal thing is that this 'regulatory uncertainty' comes from either the USA or the jurisdiction of their new base and has fuck all to do with the countries affected. Said countries might have the right regulation pouring out of their arse but if a bunch of bureaucrats in a far off land who probably can't even find them on a map decide they're not allowed to play then that's it.
I checked the list and seem all countries, except BiH may be, are at 'high risk of terrorism, war or under sanctions'.
Have you noticed Guyana being on the brink of war or blowing up the world? Botswana? Uganda? Trinidad?
I haven't.
October 21, 2019, 01:59:12 PM
I checked the list and seem all countries, except BiH may be, are at 'high risk of terrorism, war or under sanctions'.
This means Bittrex was most probably forced to exclude them due to regulatory concerns.
IMO more and more of the big names will implement such lists in the near future.
This means Bittrex was most probably forced to exclude them due to regulatory concerns.
IMO more and more of the big names will implement such lists in the near future.
October 21, 2019, 01:33:52 PM
In the case of Venezuela, the truth is sad to see that these decisions are taken by the political pressure of the US and the EU on the government of the Country, what it does is affect the "People", now not only Bittrex, it has also joined CEX.IO, info here: https://es.cointelegraph.com/news/exchange-cexio-blocks-services-for-residents-in-venezuela.
Centralization is very negative, in the market there should be no restrictions, much less from a Country that has a disastrous economy where they see exits through Bitcoin, which represents a deflationary economy, and it is a decision that is not intelligent due to high BTC Volume negotiations that occur in the Country.
Centralization is very negative, in the market there should be no restrictions, much less from a Country that has a disastrous economy where they see exits through Bitcoin, which represents a deflationary economy, and it is a decision that is not intelligent due to high BTC Volume negotiations that occur in the Country.
October 21, 2019, 01:02:59 PM
Does anyone know why these countries were banned and why now? I mean that this list contained many countries that do not have a common relationship.
I can understand why some countries are listed, but many are illogical.
It's good that they warned users and didn't do it randomly.
I can understand why some countries are listed, but many are illogical.
It's good that they warned users and didn't do it randomly.
October 21, 2019, 03:23:49 AM
Read that article,I am confused why they stopped their services though My country is not listed but they din't mention the exact reason. It's a bad move for bittrex and I know few big traders from Pakistan they used bittrex for trade . they also mentioned that withdraw fee is greater than 3 times and minimum withdrawal for btc is BTC.00150001 or higher.
October 21, 2019, 12:34:56 AM
This is not surprising at all since Bittrex, being one of the first exchanges to implement KYC's looks like to have been following regulatory compliance along the way but I doubt "regulatory uncertainties" is the only reason why they have decided to halt their services on those mentioned countries.
I don't know if they are sugar coating this announcement but I think these countries may have rampant money laundering issues before and a few of these countries also have terrorists activities which could be the main reason why Bittrex have decided to shutdown its services and maybe this is also due to U.S. Government pressure. Somehow I think it's an unfortunate event to those crypto holders who acts in good faith that might be greatly affected by this incident.
I don't know if they are sugar coating this announcement but I think these countries may have rampant money laundering issues before and a few of these countries also have terrorists activities which could be the main reason why Bittrex have decided to shutdown its services and maybe this is also due to U.S. Government pressure. Somehow I think it's an unfortunate event to those crypto holders who acts in good faith that might be greatly affected by this incident.
October 20, 2019, 11:17:51 PM
What regulations? at least if it's still not detrimental, bittrex shouldn't close it. Isn't this actually reducing the volume on their exchanger, I think that the regulation would only make more big exchangers will banning more countries to used.
October 20, 2019, 06:38:30 PM
Awst sad to heard the the bad news effect of the regulations, hope this happen to bittrex not happen to coinbase becaise of the exchange if I am not wrong is came from the US the both exchange very affected of the regulations, hoping someday the problem will be fix, I am also a bittrex user and thank you mate for sharing this news even my country aren't included in the list I sucured my coin to transfer from another wallet of exchange.
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