Bittrex is closing down in 31 countries

Natalim

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Quote from: Wapfika on October 23, 2019, 07:31:48 PM

Quote from: Natalim on October 22, 2019, 06:34:23 PM

I checked the list, good to know that my country is not included, so I will continue using bitrrex but its just sad they will stop servicing the countries listed, that's a big negative effect on their profitability since those countries can generate millions of dollars of income combined.

Maybe when they transfer in other country, I have read them moving their headquarters to Liechtenstein in Exchange thread, this might be their move to solve their problems in regulation as well to attain more users in different countries. Though I don't use bittrex for long time, they'd been popular before and listed potential coins, their move might attract new supporters to keep their exchange going.

I don't think transferring to another country is wise idea.
Maybe the best solution to this is to register the same business in another country where regulation on crypto is not so strict or a country that is crypto friendly. I am not good in law but I believe every country has different regulation on a certain business, so they need to think of that.

Lets make binance as an example, when they are beginning to restrict US clients due to regulation problem, they are finding ways to solve the problem and to still retain the clients if possible.

There's a lot of article about them opening business in us to serve the us clients.

https://www.coindesk.com/binance-says-its-launching-a-us-exchange-with-fincen-registered-partner
https://www.ccn.com/ceo-interview-binance-us-launch-coinbase/

I don't know if they have successfully launch but I read some news that we cannot serve all the us clients, some state are still restricted.
And despite of that, its still good that they were able to serve some of their clients which it can contribute on the profitability of their business.

Dr.Osh

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what do you mean by regulatory uncertainty? does the country really not support crypto, or bittrex which does not meet the requirements? although my country is not included, but I think 31 countries is quite a lot. too bad, even though Bittrex is a pretty good exchanger.

binhvo1505

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Quote from: HammadAli on October 21, 2019, 05:12:37 AM

Pardon me if i am posting this thing in the wrong section. Did n't find suitable section for it.
Bittrex is closing down its services in 31 countries and users from those countries should withdraw the funds prior to October 29 by 19:00 UTC/21:00 CEST.
Official Link:
https://bittrex.zendesk.com/hc/en-us/articles/360034965072-Important-Information-for-Bittrex-International-Customers

This is a sign that bittrex is too fed up with the harsh laws of the SEC. they are creating a new exchange platform, Bittrex global, they will have a fresh start in a new country more easily.
I believe that the bittrex international platform will soon collapse and Bittrex Global is what their team is aiming for. Hopefully in the future, Bittrex will return soon.

Asmonist

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Unfortunately I haven't withdraw my funds since I read there email notification beyond the cut off time they set. That was last year when I was notified. It was really sad news and I hope they don't set that cut off time. Indeed, my fund was forfeited.

nydiacaskey01

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Quote from: Google+ on October 24, 2019, 11:59:40 AM

I think that this bittrex exchange has a bad influence on the price movements of bitcoin and other coins because the support has been closed, Bittrex should not need to do this and try to find a solution that makes 30 countries not closed like this.

When Bittrex made the announcement of removing this 31 countries from their list, theres not much activity in the price or Bitcoins price did not much that much. Bittrex may have found something about the regulations in those countries that might have an impact in the operations of Bittrex in those countries thats why they stepped back. I don’t think this is permanent.

MURONDI

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I have several altcoins on Bittrex, but I have rarely tradding there, I think Bitrrex's decision to close several countries will make the exchange quiet, Will all this have an impact on the price of altcoin?

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I think that this bittrex exchange has a bad influence on the price movements of bitcoin and other coins because the support has been closed, Bittrex should not need to do this and try to find a solution that makes 30 countries not closed like this.

davinchi

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Quote from: hahay on October 22, 2019, 01:14:20 PM

Good info. My country isn't on the list so I'm very lucky, and besides I don't have a lot of coins stored there because in the past I lost a lot of old coins there, like RDD, MONA and many more, I lost access to the old Bittrex account because of a mistake about security and that's why I no longer keep a lot of coins on the exchange. There are still many exchange platforms available and I don't think that is a problem for the countries listed.

Locking 31 major countries out of their platform is really not a child’s play, which means that they will be losing lots of volume, and I wonder what made them have such action, but I know that this step they are taking will only make their own value to drop and then boost another exchange volume, because surely, the user that are moving their money out will surely migrate to another exchange.

This I think, is not really good for Bittrex as it may even make the users of the other countries' that are not affected to panic. The deadline is almost here and I think I will have to go withdraw some of my funds with them too even though my country is not affected, but until they give reason for doing so, I am really not going to take that risk of staying with them.

ReiMomo

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That's a piece of very bad news to those affected countries especially to those who are not online yet and they might not be able to withdraw their funds. Maybe the reason why it can no longer be used in the said countries is the government is against it. As I noticed there are few crypto exchanges shutting down this year. Sad to say that Bittrex is one of my crypto exchange list. But unless they do not end up exit scam or something not getting users withdraw their fund. What exchange will be the next in line?

Distinctin

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Quote from: Wapfika on October 23, 2019, 07:31:48 PM

Quote from: Natalim on October 22, 2019, 06:34:23 PM

I checked the list, good to know that my country is not included, so I will continue using bitrrex but its just sad they will stop servicing the countries listed, that's a big negative effect on their profitability since those countries can generate millions of dollars of income combined.

Maybe when they transfer in other country, I have read them moving their headquarters to Liechtenstein in Exchange thread, this might be their move to solve their problems in regulation as well to attain more users in different countries. Though I don't use bittrex for long time, they'd been popular before and listed potential coins, their move might attract new supporters to keep their exchange going.

Will it hope that it gives a better room for improvement and I think there is a reason for these changes. It is quite to know that Bittrex have to lose their popularity in the market and I'd think that this is a way to make some market interactions which could attract attention to the traders. I hope they right for this decision, we know how it affects those listed countries and glad to see that my country isn't there.

Wapfika

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Quote from: Natalim on October 22, 2019, 06:34:23 PM

I checked the list, good to know that my country is not included, so I will continue using bitrrex but its just sad they will stop servicing the countries listed, that's a big negative effect on their profitability since those countries can generate millions of dollars of income combined.

Maybe when they transfer in other country, I have read them moving their headquarters to Liechtenstein in Exchange thread, this might be their move to solve their problems in regulation as well to attain more users in different countries. Though I don't use bittrex for long time, they'd been popular before and listed potential coins, their move might attract new supporters to keep their exchange going.

nydiacaskey01

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If we look at the list of those 31 countries, you will notice that those countries are not fully developed or maybe the number of crypto enthusiast is very low. Im just wondering why while other sites wants to reach out to more countries, this site is closing its doors to this ones.

Natalim

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I checked the list, good to know that my country is not included, so I will continue using bitrrex but its just sad they will stop servicing the countries listed, that's a big negative effect on their profitability since those countries can generate millions of dollars of income combined.

webtricks

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Regulations are making the future of centralized exchanges bleak everyday. Soon only P2P will remain as viable option for 90% of the countries. However, P2Ps also started taking KYCs to safeguard the users against scams. Anonymity in trading cryptocurrencies is ending. Not good for the adoption of cryptos.

hahay

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Good info. My country isn't on the list so I'm very lucky, and besides I don't have a lot of coins stored there because in the past I lost a lot of old coins there, like RDD, MONA and many more, I lost access to the old Bittrex account because of a mistake about security and that's why I no longer keep a lot of coins on the exchange. There are still many exchange platforms available and I don't think that is a problem for the countries listed.

sujonali1819

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This is really sad, especially for traders who are in these countries. But I'm personally glad because my country is not on that list. However, after issuing this notice, I think Bittrex will lose a lot of users. Now people should withdraw there fund from this exchange after the deadline.

cryptoblazter

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Quote from: HammadAli on October 21, 2019, 05:12:37 AM

Pardon me if i am posting this thing in the wrong section. Did n't find suitable section for it.
Bittrex is closing down its services in 31 countries and users from those countries should withdraw the funds prior to October 29 by 19:00 UTC/21:00 CEST.
Official Link:
https://bittrex.zendesk.com/hc/en-us/articles/360034965072-Important-Information-for-Bittrex-International-Customers

This is so sad, bittrex was one of the exchange I had been used for a years, and now more countries will be shutdown.
and now poor are the bittrex users were their country was one of the listed in terms of closing down. This is not good for the platform
I hope it will not be close in the end.

Murat

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That's not good news for this platform, Bittrex is a big giant on this trading platform but due to regulatory process they are not going to continue their transaction among these countries, they mentioned only the regulatory uncertainty, I think most of the countries are from Africa, it will bring a heavy amount of loss of this area because Bittrex is a good platform for trading, but it's not only a trading stage but also there are few good exchanges here. so those 31 countries resident have to find another trading platform such a Binance, Bitbuy, Coinbase and so on. so it doesn't matter for me this type of news. everything will go on.

arwin100

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Quote from: NeuroticFish on October 22, 2019, 12:51:41 AM

Quote from: Immakillya on October 21, 2019, 05:43:08 PM

Anyway I think they are going to rebrand the company. Bittrex global, I have read it before. I think this is the adjustment they are going to do. Still a bad move tho.

It's not (only) rebranding. They move their operations from Malta to Lichtenstein; that's why the list of allowed countries has became much shorter.
I've also got an e-mail from them telling what's going to happen: same accounts, but new server, new location, new ToS.

Been long time not using bittrex and I think I will not use them more since I find them hard to use(They made my account limits lesser) and for this next event then provably I will find another big exchange to trade on. And also seems bittrex didn't get much volume and hopefully they will not sink in this market situation since there are other who fall down already.

NeuroticFish

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Quote from: Immakillya on October 21, 2019, 05:43:08 PM

Anyway I think they are going to rebrand the company. Bittrex global, I have read it before. I think this is the adjustment they are going to do. Still a bad move tho.

It's not (only) rebranding. They move their operations from Malta to Lichtenstein; that's why the list of allowed countries has became much shorter.
I've also got an e-mail from them telling what's going to happen: same accounts, but new server, new location, new ToS.

Topic: Bittrex is closing down in 31 countries (Read 348 times)