Bittrex International shutting down services from 31 countries. - page 2.

TimeTeller

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Quote from: rosezionjohn on October 20, 2019, 12:41:44 PM

10 day period to withdraw is not enough even if they emailed every user. For sure many will not be able to withdraw with this short notice. Bittrex could have given their users at least one month regardless of the reason to discontinue their service.

Quote from: o_e_l_e_o on October 20, 2019, 06:10:48 AM

Start using DEXs and avoid all this ongoing nonsense altogether.

Can't help think what if Bittrex decide to launch their own DEX? Cheesy

Didn't really expect that Bittrex will be shutting down their services to those countries.
31 is already a big number. But I think, their management had already done their part.
Studying the effect of this decision. We don't know what is the real score here.
But on my end, I was using Bittrex for some particular coins, at least they give us time to withdraw.
But hopefully, all users can do their withdrawals on that specified time.

o_e_l_e_o

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Quote from: nelson4lov on October 20, 2019, 03:50:19 PM

I wonder where they'll be getting their volume from now considering most of their users (all 31 countries banned + others previously not allowed) come from these countries.

Do you have a source for that? Bittrex is headquartered in the US, and Bittrex International is headquartered in Malta. They serve the Americas, Europe and Asia, as well as the Middle East and Africa, which is where the majority of these banned countries are based. Why would you think that these Middle Eastern/African countries make up the majority of their volume, as opposed to US or European customers?

I have no love for Bittrex (or any centralized exchange), but I don't think this is going to be a major blow to them. If it was, they would have pushed harder to find a solution.

nelson4lov

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Well played by Bittrex. I wonder where they'll be getting their volume from now considering most of their users (all 31 countries banned + others previously not allowed) come from these countries. With the way things are going, I won't be surprising if they declare bankruptcy or even closure of their exchange. Bittrex needs to get back to winning ways else they might take similar routes like Poloniex (Locking out US users). That would make matters worse. Let's hope it doesn't get to that point.

Bittrex users (banned) are better off trading at Binance or even Huobi. They have better alts too.

ableh

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Although we can still trade on DEX, but it seems that some traders will choose to retire, given the volume in there is very low and the transaction fee is quite large if the network is busy! Maybe this is one of the government's efforts to suppress the development of cryptocurrency? let's see what the community will do

o_e_l_e_o

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Quote from: GreatArkansas on October 20, 2019, 06:17:28 AM

What if some of their users will use some VPN applications to access the Bittrex International exchange?

Provided the users haven't completed any sort of KYC, and are careful to properly hide their true IP (there are many ways a browser will leak your real IP even if you are using a VPN), then Bittrex won't know. It will be fairly obvious, though, if accounts which have logged in from Tunisian (for example) for the last several years all of sudden switch to an American or European IP.

Quote from: Pearls Before Swine on October 20, 2019, 10:11:17 AM

Members often question if bitcoin can ever be destroyed, and I have always said it can't, but what happens if and when exchanges no longer exist? Don't think that will ever happen either, but one by one they seem to be going down.

Honestly, I look forward to the day that these centralized exchanges no longer exist. I have never used a centralized exchange to turn fiat in to bitcoin and have never completed KYC, and I get by just fine. It's getting easier and easier as time goes on to not have to use one, with the growth of the peer-to-peer scene and DEXs such as BISQ. The entire point of bitcoin was to move away from using third parties. Trusting these unethical, shady, and often borderline scammy centralized exchange with your data, your documents, your coins, your money, seems backwards to me.

Quote from: beerlover on October 20, 2019, 11:59:13 AM

It is idiotic to not help these people out, you have to be caring about how much money you will make in revenue more than you care about helping people out

Welcome to centralized exchanges. Every single one is a business first and foremost, and they care much much more about their own profits than they do about their users.

rosezionjohn

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10 day period to withdraw is not enough even if they emailed every user. For sure many will not be able to withdraw with this short notice. Bittrex could have given their users at least one month regardless of the reason to discontinue their service.

Quote from: o_e_l_e_o on October 20, 2019, 06:10:48 AM

Start using DEXs and avoid all this ongoing nonsense altogether.

Can't help think what if Bittrex decide to launch their own DEX? Cheesy

ashmodeus

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well well well, regulation become true as the time goes.
i wonder , what the next happen.

Quote from: beerlover on October 20, 2019, 11:59:13 AM

Looking at the list of the countries, they are all non-white non-christian countries that are economically challenged. Bittrex is an idiot if they think bitcoin is helping the European or american countries the most, it is helping literally the low income and financially distressed countries like the list here, these countries are the ones that need bitcoin to begin with and we are talking about removing them from the list.

It is idiotic to not help these people out, you have to be caring about how much money you will make in revenue more than you care about helping people out and that is not what bitcoin is, the purpose of bitcoin is to help people who do not have other means to financially reach out to rest of the world, not close the door on them when they get here.

yes, i know , after i see the list of the country banned by bittrex.
and i quick recognized, and that seems weird for me.
most of in the list is the poorest country in the world by this article.
then, what's in my head is why bittrex can do such actions.
they have good reputation , but i guess after this , its not anymore.

electronicash

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they do have a reason though which is because of the regulatory uncertainty in these countries. we have yet to find out what these countries regulatory board is doing. these countries is where BTC and crypto is pretty much needed though. i'm sure the users there can access some other exchanges other than bittrex. they still have time to withdraw until oct 29. the problem would be the users has yet not submitted kyc for they may lock the funds.

beerlover

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Looking at the list of the countries, they are all non-white non-christian countries that are economically challenged. Bittrex is an idiot if they think bitcoin is helping the European or american countries the most, it is helping literally the low income and financially distressed countries like the list here, these countries are the ones that need bitcoin to begin with and we are talking about removing them from the list.

It is idiotic to not help these people out, you have to be caring about how much money you will make in revenue more than you care about helping people out and that is not what bitcoin is, the purpose of bitcoin is to help people who do not have other means to financially reach out to rest of the world, not close the door on them when they get here.

skarais

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When companies do not get regulatory certainty from the government, it will hamper the company's growth. As a result the company could not get the benefits expected before. The government regulation of a country on the crypto trading platform has caused some trading companies to stop their activities and start looking for countries with more friendly regulations.

Among the countries mentioned above may have considered Bittrex as a foreign company that might suppress the growth of their local companies to move forward. But in the official announcement, Bittrex only mentioned regulatory uncertainty as the root of the problem and did not mention the negotiation steps that had been taken.
But in my opinion, Bittrex will still be accepted by countries whose regulations are friendlier. Let them for a moment and start using other trading platforms. For what happened to this Bittrex will not have much effect on the price of cryptocurrency in the market.

Pearls Before Swine

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Quote from: SaShiRaJaVu on October 20, 2019, 02:39:54 AM

That is not a satisfactory answer to shut down the service due to regulatory uncertainty and if that is the real case then they should shut down their service in more countries than the said 31 countries.

I agree, and I wish there was a clear answer to what all this 'regulatory uncertainty' really is. Looking at that list I'm a bit surprised to not see the U.S. on it since there seems to be a problem with our country lately, eg, Poloniex dropping support. Did they ever even offer service to people in the states?

I never used Bittrex, but I don't like to see this happen because it is an ominous sign to my eyes. Members often question if bitcoin can ever be destroyed, and I have always said it can't, but what happens if and when exchanges no longer exist? Don't think that will ever happen either, but one by one they seem to be going down.

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This is really sad because seeing a large exchange place from Bittrex which began to close the support of several countries which in my opinion can contribute very much, hopefully there is an exchange place that can receive support from all countries so that demand from bitcoin can increase because many will use bitcoin and other cryptocurrency as one of the most efficient transactions.

Willitivity

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Bittrex international was very good, even if for no other than, their consistency is quite applaudable. Shutting down access for some users from different countries of the world is really not a good development. Regulations is really making exchanges take drastic decisions. I wonder what' would be the fate of these users. Bittrex should reconsider their actions, if possible.

Rodeo02

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Quote from: ajeef on October 20, 2019, 06:13:13 AM

I wonder why so many exchanges shutdown their exchanges for many countries lately.
I think the volume of those exchanges still great, or the maintenance fee for maintaining those exchanges is so expensive ?

I dont think it shutdown there are just retricted country and you are not able to use that exchange if your country is belong to the list above.

The maintenance fee will not be a problem of that exchange there are many users of this exchange so the profit generated by that exchange will be enough to maintain it.

GreatArkansas

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How Bittrex will know the country of each of every account on their platform? By some personal information submitted by every users when they asked before to undergo KYC on their users?
The other way is thru IP addresses? What if some of their users will use some VPN applications to access the Bittrex International exchange?

ajeef

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I wonder why so many exchanges shutdown their exchanges for many countries lately.
I think the volume of those exchanges still great, or the maintenance fee for maintaining those exchanges is so expensive ?

o_e_l_e_o

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Quote from: SaShiRaJaVu on October 20, 2019, 02:39:54 AM

That is not a satisfactory answer to shut down the service due to regulatory uncertainty

At the end of the day, Bittrex (and any other centralized exchange for that matter) is a private company, and they can do what they like. Sure, it sucks for users in these countries who use Bittrex, but if Bittrex don't know if they are going to be able to legally continue to operate in these countries, then of course they are going to shut down rather than face fines or criminal charges. Don't be fooled in to thinking any of these centralized entities give two hoots about their users. They only care about saving their own asses, and if some users get ripped off or scammed along the way, then it's not a problem for them.

Quote from: Herbert2020 on October 20, 2019, 02:58:01 AM

last time they dropped services for some countries they ended up first limiting the withdrawal for these users then completely banned their accounts and blocked their money practically robbing them overnight.

Iran, Russia and Egypt, if I remember correctly. Did anything ever come of that? Or did it all just blow over as it usually does when some huge exchange does something massively shady/unethical/scammy? Honestly, why do people continue to trust these exchanges with their coins? Hopefully they won't pull this scam again and people will be able to withdrawal their coins first, which they absolutely shouldn't be storing on the exchange in the first place.

Start using DEXs and avoid all this ongoing nonsense altogether.

CryptopreneurBrainboss

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It saddens me to see many African countries on the list. The thought of how many poor souls will get scammed due to this action is just worrisome. Many might not get this info about this decision on time and it would cost them since many Africans still rely in this exchanges for safety especially those in the struggling countries. Most government aren't crypto friendly so some enthusiast stay under the radar my relying on reputed exchanges for safety (although it shouldn't be the best decisions).

Bittrex too will be losing many customers by this action, don't think it's a right decision especially as the affect countries are those we might consider to need their service the more considering local exchanges aren't conducive for patronize.

elda34b

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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. However, another case is also possible since the current state is unknown (even though most people tend to believe crypto won't get accepted over there).

No need to speculate further, you can still use other exchange and let Bittrex survive with whatever they have right now.

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Quote from: Wexnident on October 20, 2019, 02:46:44 AM

Sad to see this. Having to shutdown due to uncertainty must be quite unacceptable to most people or even to the company themselves but I guess they have their reasons. I've spread it to my social media accounts and hopefully, other users are able to see the announcement before the shutdown happens. I just hope majority are able to withdraw their funds and hope that Bittrex is able to comeback after sorting their problems out.

Unfortunately, there is just more and more of this happening here lately. I'm really not sure why the whole world has become so anti-crypto lately. I guess since they can't regulate the coins themselves, they're going after all of the services that people use to acquire the coins. Making them pay an outrageous fee to get licensed in each individual country the reside in or shut down trading there. It's really sad to see.

Topic: Bittrex International shutting down services from 31 countries. - page 2. (Read 637 times)