Bittrex shutting down: What can exchange do differently to avert this trend.

Tigerheart3026

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Quote from: Strongkored on November 23, 2023, 11:39:31 PM

Currently, it is still Binance even though their CEO has just left the exchange but Binance's volume is still high compared to others, or a new CEX that may appear in the near future as this is still a profitable business in the crypto world.
Meanwhile, US citizens can make P2P transactions or use DEX, but the volume will not be as high as CEX.

binance exchange reached another level in cryptocurrency market as a top tier exchange right now in their trading volume,
so there are no bad impact here, it seems strong foundation, they're enough rich to overcome this us charges, binance isn’t like an other exchanges, they ensured security for their users funds, it’s enough to trust binance.

wxa7115

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Quote from: Jascrypt on November 24, 2023, 06:13:46 PM

Quote from: adaseb on November 22, 2023, 02:03:35 AM

Bittrex has been going downhill since 2017 pretty much. It was a great exchange back in 2014 because they listed pretty much all of the newest altcoins you were able to mine and had a great platform.

However they were forced to do KYC and that’s when the exchange started to experience problems and lose market share. It hasn’t been a leading since 2015-16 pretty much, just like Poloniex.

Probably, their timing for mandatory KYC was wrong but I feel that wasn't the only reason for the shutting down. I think SEC needs to take it slow with most exchanges not to frustrate this industry.

The SEC does not care about this industry, if they could kill it completely you can be sure they would do it in a heartbeat, but since they cannot do it they are taking the next best path for them, which is to use all its power and impose so much regulations that exchanges decide to not deal with US customers.

And to be honest this is nothing new, even foreign banks want nothing to do with US customers as they know the costs they will have to pay to comply with the law makes servicing those customers not worth it.

Captain Corporate

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Can we basically say that we are seeing USA (or more like SEC) attacking these exchanges? I mean maybe they want to build a centralized big huge exchange that covers the whole world, could be a private business, but the owners would be at the pockets of the government, and via that exchange they could control the crypto market, not for price or ruining it or anything but they could have a control (or at least some) over the money that goes around in the crypto world. With Bittrex gone, and Binance gone (not gone really), we could say Coinbase could grow a lot, and taking that space means billions of dollars going into it, all followed by SEC very carefully, very difficult situation for us.

Jascrypt

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Quote from: adaseb on November 22, 2023, 02:03:35 AM

Bittrex has been going downhill since 2017 pretty much. It was a great exchange back in 2014 because they listed pretty much all of the newest altcoins you were able to mine and had a great platform.

However they were forced to do KYC and that’s when the exchange started to experience problems and lose market share. It hasn’t been a leading since 2015-16 pretty much, just like Poloniex.

Probably, their timing for mandatory KYC was wrong but I feel that wasn't the only reason for the shutting down. I think SEC needs to take it slow with most exchanges not to frustrate this industry.

dansus021

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Quote from: OcTradism on November 21, 2023, 09:50:00 PM

They want to charge money from exchanges but do they take those legal actions against exchanges because they want to protect their citizens who are cryptocurrency users, investors, traders. I believe it is not their reason to take down centralized exchanges, peer to peer marketplaces in their country like Paxful.

I like the hearing of Garry Gensler in the US. Congress earlier this year, one of Senator told that those recent legal actions of SEC against cryptocurrency companies are to force them moving from the USA. and migrate to other nations.
Different guilt but action is not different from BitMEX CEO.
BitMEX CEO Arthur Hayes leaves role after US charges

It seems the US hate crypto space so much but maybe there is another reason behind this apart from protecting the customer just in my opinion

Strongkored

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Quote from: Palazodeen on November 21, 2023, 04:40:07 PM

Bittrex shutting down: What can exchanges do differently to avert this trend.

the answer is by not operating in the US, because you can see that the SEC will continue to take action against exchanges that do not comply with their rules and when the exchange gets sanctioned then it is like the end of them running the exchange business.

Quote from: Palazodeen on November 21, 2023, 04:40:07 PM

In the wake of Bittrex users seeking another exchanges, which exchange do you recommend? and do you think they have what it takes to stand the test of time.

Currently, it is still Binance even though their CEO has just left the exchange but Binance's volume is still high compared to others, or a new CEX that may appear in the near future as this is still a profitable business in the crypto world.
Meanwhile, US citizens can make P2P transactions or use DEX, but the volume will not be as high as CEX.

FinneysTrueVision

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It is becoming harder for exchanges to operate within the United States. Many of the top exchanges have had problems with US regulators so it is best to avoid that region until more crypto friendly politicians come into power. Playing by their vague rules and obeying their guidelines doesn't seem to be enough. They will continue to arbitrarily target businesses in order to have tighter control over citizens' financial activity. We will continue to hear that Hamas and Iran are using these exchanges but these are only scare tactics, none of these actions affect terrorism financing or money laundering. The land of the free will oppress freedoms if it means maintaining economic hegemony.

el kaka22

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The idea that centralized exchange is bad because the yare being attacked right now is not really a smart idea. I mean just because Binance got a fine, and bittrex is shutting down, doesn't mean that centralized is the bad idea. I mean I can show you a million DEX that got hacked and all the money was emptied from the liquidity providers as well, there are bots that does automatic trading to ruin everyone there. So all in all, I can easily say that CEX is still better, just because sometimes these things happens, doesn't mean it's bad.

Moreover, not like they are stealing your money, if you have money in them then withdraw it, that's allowed, which means that there is nothing wrong with the exchange at the moment and you can still continue to use them. I believe that we are looking at something that's going to be quite fine, it's just a business that looked at the profits and loses and they realized that it is not worth it and decided to close shop that's it.

tjtonmoy

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The thing is, you cannot satisfy everyone if you want to do things according to yourself. There will always be people who will be against you no matter what. Maybe that's a good thing or maybe that's a bad thing. If the exchange itself is doing something wrong and people are going against it in order to prevent it from happening then it's a good thing. But if not and they are trying to control the exchange to their liking then it's a bad thing which could affect other users.

But the main thing here is centralization. The problem arises only when the platform is controlled by some entity and those entities could be controlled by powerful people. Decentralization is the key no matter what but we can't also do many simple things without the help of centralized exchange. It is a complicated situation but moving to other platform could be the best option. And also it is not 100% guaranteed that they won't face the same fate. That's why it is difficult to advise someone for using centralized platform.

tbct_mt2

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Quote from: adaseb on November 22, 2023, 02:03:35 AM

Bittrex has been going downhill since 2017 pretty much. It was a great exchange back in 2014 because they listed pretty much all of the newest altcoins you were able to mine and had a great platform.

I was not here in 2014 but I witnessed the growth of Bittrex in 2017 when they took over the first position of Poloniex. The Poloniex exchange did not expand their infrastructures well enough to meet with user explosion in bull market 2017 and their platform many times suddenly gone with lags, users lost money with their liquidations in Margin trading.

Bittrex took over the leading position by listing many shit coins and gave their space to go to Moon. Speculators liked it because they could find many hidden gems on Bittrex.

Quote from: justdimin on November 23, 2023, 03:41:39 AM

Another thing that changed the crypto market is the introduction of KYC. This have killed many great names because they only believe on the real vision of satoshi which is decentralization.

Relating to KYC, you must mention AML (Anti Money Laundering) too.

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CEXs can only avoid this by being more in line with regulations. That's all. It's not just about KYC too it's about security and insurance and transparency.

But are we prepared for extreme KYC? Do we really want it?

The real answer is DEX, and a real return to p2p trading. The way it's meant to be.

justdimin

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Quote from: adaseb on November 22, 2023, 02:03:35 AM

Bittrex has been going downhill since 2017 pretty much. It was a great exchange back in 2014 because they listed pretty much all of the newest altcoins you were able to mine and had a great platform.

However they were forced to do KYC and that’s when the exchange started to experience problems and lose market share. It hasn’t been a leading since 2015-16 pretty much, just like Poloniex.

Oh really? I thought they are still relevant back on that year. And 2017 was actually the first big hype of crypto because a massive bull run have hit the market. I think Bittrex only started to decline by the time we hit the year 2020's. It's normal to see a mineable altcoin with great potential in the past, so not only Bittrex can list them. Sadly the situation have changed after a couple years have past. Now most coins are POS based and many of them are shitcoins.

Another thing that changed the crypto market is the introduction of KYC. This have killed many great names because they only believe on the real vision of satoshi which is decentralization.

goaldigger

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Quote from: Johnyz on November 22, 2023, 05:25:44 PM

Quote from: DVlog on November 22, 2023, 01:40:29 PM

Quote from: Palazodeen on November 21, 2023, 04:40:07 PM

Bittrex shutting down: What can exchanges do differently to avert this trend.

By following the rules and regulations of the country in which they are running their operation. What happens with binance should be a warning for other exchanges. The acquisition was clear against binance that they were transferring money between the USA sanctioned country and customers from the USA. They were doing that and that is why they just accepted to pay the penalty fees for their action. Bittrex filed for bankruptcy and their global operations were shutting down too.

This could be the trend if they continue to practice such anomaly, probably CEX will still be on the hot spot from the regulations as they continue to make money and of course as they continue to offer services that might hurt the banking system. This is a sad news to hear a pioneer exchange leaving the market totally, hoping that the top exchange today will remain in service and remain competitive.

Let’s not say this as a trend as they are facing such problem for almost years now I think and Bittrex suddenly lose the market exposure after some negative development on their platform so I think this is where they are heading. Binance is a different story though as they are guilty of violating the regulations and in order for them to stay in business they have to negotiate probably this is what missing with FTX before, they didn’t negotiate that much.

Johnyz

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Quote from: DVlog on November 22, 2023, 01:40:29 PM

Quote from: Palazodeen on November 21, 2023, 04:40:07 PM

Bittrex shutting down: What can exchanges do differently to avert this trend.

By following the rules and regulations of the country in which they are running their operation. What happens with binance should be a warning for other exchanges. The acquisition was clear against binance that they were transferring money between the USA sanctioned country and customers from the USA. They were doing that and that is why they just accepted to pay the penalty fees for their action. Bittrex filed for bankruptcy and their global operations were shutting down too.

This could be the trend if they continue to practice such anomaly, probably CEX will still be on the hot spot from the regulations as they continue to make money and of course as they continue to offer services that might hurt the banking system. This is a sad news to hear a pioneer exchange leaving the market totally, hoping that the top exchange today will remain in service and remain competitive.

Cookdata

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Quote from: Palazodeen on November 21, 2023, 04:40:07 PM

In the wake of Bittrex users seeking another exchanges, which exchange do you recommend? and do you think they have what it takes to stand the test of time.

SEC is a mortal instruments that goes after exchanges to another exchange especially if it does not favour them or rule for them especially that chairman, always looking for the wrong cause of exchanges but I don't blame them, centralized exchanges has done worse, deprived there money and reported people to agency, they are getting the same treatment they were given others and it's fair in my opinion.

The exchange to use? Well, just look for anyone that doesn't ask for KYC after everything on the exchanges because we many of them that will say they don't request for KYC but will lock your account the moments you want to withdraw money from their exchange. So, go to Coingecko and check for any of them that don't need your kyc to use their exchange

Cryptomultiplier

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Am shocked to hear about the Bittrex shutting down issue and I hope they recover from the bankruptcy and rebound stronger.
This kind of cases goes to separate those that mean business and have the means, from those who are copycat, don't have the means to payoff penalties and don't maintain an initiative or improve on it.

Exchanges should endeavor to check the regulations of the country of their operations and do things by the book in order to avoid such scenarios that call for huge penalties and sanctions.

DVlog

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Quote from: Palazodeen on November 21, 2023, 04:40:07 PM

Bittrex shutting down: What can exchanges do differently to avert this trend.

By following the rules and regulations of the country in which they are running their operation. What happens with binance should be a warning for other exchanges. The acquisition was clear against binance that they were transferring money between the USA sanctioned country and customers from the USA. They were doing that and that is why they just accepted to pay the penalty fees for their action. Bittrex filed for bankruptcy and their global operations were shutting down too.

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Quote from: cryptoaddictchie on November 22, 2023, 09:15:29 AM

I agreed. There will new platforms that will emerge. So far the one that cant be swayed is probably Binance even with the curre t issue and resignation of CZ this exxhange will be built stronger than before. For sure CZ wanted to explore outside his home turf and do soem defi stuff and a lot of dexes will surely resurfaced for that. Too bad for bittrex that they arent gonna survive this.

Binance is certainly still strong, because only Binance US has always had problems with its regulators.
This problem will make Binance even stronger with Richard Teng as a replacement for CZ.

And Teng will focus on:

1) reassuring users that they can remain confident in the financial strength, security and safety of the company
2) collaborating with regulators to uphold high standards globally that foster innovation while providing important consumer protections
3) working with partners to drive growth and adoption of Web3

Related to Bittrex it will only be a memorable exchange, I traded there a lot and completely stopped a few years ago, when Bittrex really had a lot of problems.

cryptoaddictchie

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Quote from: hugeblack on November 22, 2023, 03:09:05 AM

Every about 7 years, the TOP BITCOIN CRYPTO EXCHANGE list changes, and this happens over and over again. Therefore, I would not be surprised if all the platforms we know become non-existent or their ranking changes in the coming years. Therefore, I do not claim to be alarmed, as there are platforms that are leaving, there are other methods that are emerging, but the only problem is that identity verification restrictions are increasing to verify the residential address of the source of income, so if you care about your privacy, start directly using P2P DEXs.

I agreed. There will new platforms that will emerge. So far the one that cant be swayed is probably Binance even with the curre t issue and resignation of CZ this exxhange will be built stronger than before. For sure CZ wanted to explore outside his home turf and do soem defi stuff and a lot of dexes will surely resurfaced for that. Too bad for bittrex that they arent gonna survive this.

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Quote from: yhiaali3 on November 22, 2023, 06:51:28 AM

Personally, I do not recommend any centralized exchange. There is no centralized exchange that is safe or out of the reach of the SEC. This is of course in addition to the many other disadvantages related to centralization.

Everyone thought that Binance was the safest central exchange in which crypto assets could be stored without fear, but today’s news shattered all these illusions, after CZ admitted to money laundering and the charges against Binance and the large fine that must be paid.

Therefore, I advise you to stay away from all central services and go towards DEX that does not require KYC, or the best solution is to store your crypto assets in an non_custodial wallet.

And with that recent news in regarding CZ issues then it did result to this.

Binance saw $1 billion in net outflows over the last 24 hours
https://www.theblock.co/post/264204/binance-saw-1-billion-in-net-outflows-over-the-last-24-hours

Very normal reaction and it is really just that too fast for those people who do able to pull their assets on Binance. Even myself did make out such action
because assuming that it would be really be closing afterwards but we are really seeing different thing or situation now on which it does seems it didnt really
give out such huge effect.

Centralized exchange is never been safe in the first place but due into its features and convenience then it cant really be avoided
that you wouldn't really be using this despite if it against your interest or do simply talks about anonymity.

Topic: Bittrex shutting down: What can exchange do differently to avert this trend. (Read 252 times)