Bittrex to shut its U.S operations - page 3.

stompix

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Quote from: Abiky on April 04, 2023, 11:31:29 AM

I'm not talking about exchanges bringing innovation, but rather crypto startups and companies alike. Fierce regulations will only make them flee the country, taking away innovation with them.

And what fierce regulations would make normal start-ups flee the country?
The only ones that would be affected by these are those who come with some vaporware and buzzwords, try to get funding with some shitty token and then to end up bankrupt, no regulation will prevent somebody from coming up with a real product and a piece of software and follow the same path as hundreds and thousands of tech companies have done.

I am of course heavily biased since I'm a bitcoin maximalist to the core but if it were from my point of view I would ban completely any coin offering or limit it to the value of the assets the company has at the moment of the launch. You have $1000 in assets that's how much you can get in from selling shitcoin, no stuff liKe getting 4 billion in funding and ending with...EOS?
Would you cry over them not being allowed to operate in your country? I wouldn't!

Quote from: Abiky on April 04, 2023, 11:31:29 AM

Either way, things are not looking good for US as one of the leading countries in crypto/Blockchain tech innovation.

Ok, what will the US miss in terms of innovation?
Care to share some examples of companies and innovative products that the US or the EU might miss because of regulations?

yhiaali3

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Yes, unfortunately we heard the bad news, Bittrex has been one of the oldest and best centralized exchanges for many years, it seems that the attack by the government of the United States of America will not leave anyone alone.

The CEO tweeted that due to regulatory uncertainty the exchange would cease operations in the US, but would not affect Bittrex Global.

Despite the unfortunate news, I see the news on a positive side, which is that in the end all these centralized exchanges and other services will migrate from the United States and its strict regulatory laws to countries that are more open to crypto, and this will be in the interest of crypto in the end.

JeromeTash

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Coinbase, apparently, has already regretted 100 times that all this time they have been actively trying to develop under American jurisdiction, they themselves are no longer happy about this. It is quite possible that if they had a different jurisdiction, they would have had much more influence in the crypto exchange market and would have bitten off a much larger piece of the exchange market pie. In 2023, they finally realized that this is hindering the development of their business and are thinking about changing jurisdiction to a friendlier one: Bloomberg learns of Coinbase’s plans to create an exchange outside of US jurisdiction

And yet they are blocking and suspending thousands of user accounts every other time for no good reason or explanation under the guise of the accounts "no longer meeting their updated standards of services"?

Hard luck to them!

Abiky

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Quote from: stompix on April 04, 2023, 05:31:29 AM

Crypto innovation?
What has Kraken or Binance innovated? One hundred types of trading and leverage and shitcoins in order to fleece you to the last penny in shitty deals and fees?
Binance's greatest innovation was having 7 shitcoins posing as Bitcoin over different chains.

Segwit is innovation, LN is innovation, Bisq is innovation, all the above crying in fear of losing their fees CEX are nothing like that, they are one huge step backward where the whole thing of denying a third party control is forgotten. There is nothing lost in advancement and in creating new stuff if all the CEX go bankrupt, they are the ones hurting innovation and they are the ones painting a fake narrative on cryptos, making them look more like easy money and ways to get rich than what they were supposed to do normally. No entity that works on the principle of taking your coins and not guaranteeing their return should even dare to talk about hindering crypto progress and decentralization, they are the ones keeping the entire environment in still a bank-like stage with centralized solutions in charge of your funds just like banks.

I'm not talking about exchanges bringing innovation, but rather crypto startups and companies alike. Fierce regulations will only make them flee the country, taking away innovation with them. If we talk about exchanges, then I guess the only innovator would be Binance with its own blockchain network called "Binance Chain". But I don't think it can be called an "innovation", especially when it's an exact copy of ETH (except that the consensus mechanism is different).

Either way, things are not looking good for US as one of the leading countries in crypto/Blockchain tech innovation. The tigher regulations get, the more companies will "flock" to other countries. Bittrex wasn't that big of an exchange as FTX was, but its departure will certainly make a bad impact on the crypto market within the short term. Let's hope behemoths like Binance and Coinbase stay in the country for the healthy growth of this industry. Just my thoughts Grin

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Quote from: OmegaStarScream on March 31, 2023, 02:40:35 PM

Bittrex just announced a few minutes ago via Twitter[1] that they will no longer be offering their services to U.S customers and everyone should withdraw their funds before the 30th of April.

I'm not sure how many U.S users they have, but by looking at the current trading volume[2] I wouldn't be surprised to see them shut down the entire platform before the end of the year.

[1] https://twitter.com/BittrexExchange/status/1641879884682387457
[2] https://coinmarketcap.com/exchanges/bittrex/

It is becoming clearer that the United States of America is becoming more cryptocurrency unfriendly these days than the early days of cryptocurrency.
I do not actually understand why it is happening. I also learnt that a serving senator or a presidential aspirant is passing a bill to also discredit cryptocurrency or bitcoin in one way or the other. What I really want to know is whether America is working for the good will of the people by not allowing manipulation by the exchanges or do they have a hidden agenda to frustrate the operation of cryptocurrency in the United States jurisdiction?

stompix

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Quote from: Abiky on April 04, 2023, 05:15:41 AM

I guess this is the endgame for the US as one of the leading countries for crypto innovation. Bittrex will go away, but I believe others will follow suit (Binance, Coinbase, Kraken) unless US regulators become a little more flexible.

Crypto innovation?
What has Kraken or Binance innovated? One hundred types of trading and leverage and shitcoins in order to fleece you to the last penny in shitty deals and fees?
Binance's greatest innovation was having 7 shitcoins posing as Bitcoin over different chains.

Segwit is innovation, LN is innovation, Bisq is innovation, all the above crying in fear of losing their fees CEX are nothing like that, they are one huge step backward where the whole thing of denying a third party control is forgotten. There is nothing lost in advancement and in creating new stuff if all the CEX go bankrupt, they are the ones hurting innovation and they are the ones painting a fake narrative on cryptos, making them look more like easy money and ways to get rich than what they were supposed to do normally. No entity that works on the principle of taking your coins and not guaranteeing their return should even dare to talk about hindering crypto progress and decentralization, they are the ones keeping the entire environment in still a bank-like stage with centralized solutions in charge of your funds just like banks.

Abiky

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Quote from: stompix on April 02, 2023, 02:05:49 PM

Reminds me how everyone criticized Japan how tight their regulations were, how Binance and then Kraken fled the country how it will hinder everything all that doom and gloom and when FTX crashed down, what a surprise:

Japan Was the Safest Place to Be an FTX Customer

So as a normal user that somehow still trusts CEX to be safe and to have access to your money at any time and not lost by some deranged individual trading between gangbangs with his roommates, what would you have:
- tightly regulated exchanges where one can't play with your coins or fiat
- laser eyes wild west with a ton of shitcoins and no guarantee somebody is leveraging your precious BTC against god knows what ponzi scheme

The moment you have already taken the risks of sending your coins to a third party, why would you want that 3rd party to have the liberty of doing whatever he wants with no consequences? I really don't get it, tighter regulations can only lead to two things
- end of CEXs, which is not a catastrophe anyhow since BTC was designed to work without them anyhow
- tighter controls and safer ones, for the ones that are still foolish enough to trust a 3rd party

Excess regulations will only do more harm than good to the industry in the long run. There needs to be a balance in order to protect both sides' interests (customers and companies). I guess this is the endgame for the US as one of the leading countries for crypto innovation. Bittrex will go away, but I believe others will follow suit (Binance, Coinbase, Kraken) unless US regulators become a little more flexible.

I think the SEC is being aggresive towards crypto after what happened with Terra/Luna and FTX exchange. It's trying to protect investors' interest, but it's also scaring away crypto exchanges. How will everything unfold in the long run, is a mystery. If people in the US can't trade crypto through centralized exchanges, they will be forced to look for other alternatives. The revolution simply can't be stopped. Let's hope the US government starts easing regulations for the good of the industry. Just my thoughts Grin

DaveF

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What gets me is the 30 days to withdraw. Yes, if you monitor that email that you linked to the exchange it's fine.

But, I'm sure there are going to be a lot of people out there who have a minimal amount sitting there and will deal with it 'tomorrow' who will never see the shutdown email. And then in a couple of months when they go to finally move their .1 LTC or 100 Doge or whatever they have sitting there they are going to be pissed.

It's not like the entire exchange is going away. No reason just to stop allowing deposits and trades for US people.

-Dave

stompix

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Quote from: Abiky on April 02, 2023, 12:40:16 PM

Another US-based exchange closes its doors to US customers. It's sad, because this tells us how strict the US is in terms of regulating crypto compared to other countries. I've used Bittrex a lot for buying/selling altcoins in USD, especially when Coinbase gave me a lot of headaches in the past. But this decision to "close up shop", will force me to look elsewhere. I just hope other exchanges don't do the same (Kraken, Binance) or the US will be left behind in terms of crypto innovation and mainstream adoption.

Reminds me how everyone criticized Japan how tight their regulations were, how Binance and then Kraken fled the country how it will hinder everything all that doom and gloom and when FTX crashed down, what a surprise:

Japan Was the Safest Place to Be an FTX Customer

So as a normal user that somehow still trusts CEX to be safe and to have access to your money at any time and not lost by some deranged individual trading between gangbangs with his roommates, what would you have:
- tightly regulated exchanges where one can't play with your coins or fiat
- laser eyes wild west with a ton of shitcoins and no guarantee somebody is leveraging your precious BTC against god knows what ponzi scheme

The moment you have already taken the risks of sending your coins to a third party, why would you want that 3rd party to have the liberty of doing whatever he wants with no consequences? I really don't get it, tighter regulations can only lead to two things
- end of CEXs, which is not a catastrophe anyhow since BTC was designed to work without them anyhow
- tighter controls and safer ones, for the ones that are still foolish enough to trust a 3rd party

Abiky

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Quote from: OmegaStarScream on March 31, 2023, 02:40:35 PM

Bittrex just announced a few minutes ago via Twitter[1] that they will no longer be offering their services to U.S customers and everyone should withdraw their funds before the 30th of April.

I'm not sure how many U.S users they have, but by looking at the current trading volume[2] I wouldn't be surprised to see them shut down the entire platform before the end of the year.

[1] https://twitter.com/BittrexExchange/status/1641879884682387457
[2] https://coinmarketcap.com/exchanges/bittrex/

Another US-based exchange closes its doors to US customers. It's sad, because this tells us how strict the US is in terms of regulating crypto compared to other countries. I've used Bittrex a lot for buying/selling altcoins in USD, especially when Coinbase gave me a lot of headaches in the past. But this decision to "close up shop", will force me to look elsewhere. I just hope other exchanges don't do the same (Kraken, Binance) or the US will be left behind in terms of crypto innovation and mainstream adoption.

I'd say this is all the CFTC and SEC's fault (especially the SEC). They've went too far by exceeding their authority. The SEC is now classifying every crypto as a security (except BTC), taking strict measures against crypto exchanges that provide services of unregistered securities. It's all a mess that will ultimately lead into a mass exodus of crypto companies and startups into the EU and other crypto-friendly regions of the world. Who knows what impact this will have in market prices during the short-term? Just my opinion

sunsilk

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Quote from: OmegaStarScream on March 31, 2023, 02:40:35 PM

I wouldn't be surprised to see them shut down the entire platform before the end of the year.

I won't be surprised as well but this gives me a lot of memories during their glory days. They've been so popular before but seems they lacked of adopting the trends that has came to the market.

While US is becoming stricter with the implementation of their rules against these exchanges. They're just choosing what's best for them and that's to step out of the US market since it's still possible for their users to access their global brand.

That's why I don't wonder anymore if there are exchanges like this that shuts their US branches because even Binance have been struggling on that region.

JeromeTash

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I will not be surprised that this is only the beginning, and almost all American branches of well-known exchanges will cease to exist in the foreseeable future. Or even the exchanges that exist in American jurisdiction will completely change this very jurisdiction to a more friendly one for doing crypto business and will not be subject to constant attacks from regulators. Although, this can greatly untie the hands of such exchanges and they will start playing dirty games. Still, American exchanges did not use such a popular manipulation as trading volume cheating, judging by the latest reports among all major exchanges.

But there are seemingly older exchanges based in the US such as Coinbase, Kraken, Gemini etc that seem stable unlike this other ones that keep playing hide and seek with the regulators. Bittrex tried that hide and seek game and failed. I think they even had two branches if i recall well. I think I remember some of us being forced to use Bittrex Global for non US users.

The manipulation rumors, insider trading and troubles with SEC keep popping up from time to time even with Coinbase, Gemini but I believe they try to follow the rules to the book as compared to crypto exchanges that are not based in the US.

Rikafip

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Its sad to see what became of Bittrex as if I remember correctly they were one of the leading exchanges back in early 2017 when I rejoined the crypto so naturally I used it too. If I am not mistaken, I think they even had a practice of delisting shitcoins if they weren't following their roadmap which is something I would like to see again.

Quote from: Wapfika on April 01, 2023, 10:30:52 AM

I This force me to submit again KYC using my valid ID which is odd since Binance and other exchange doesn’t ask me for this KYC update.

I guess you were lucky so far because Binance also has a habit of annoying their customers with repeated KYC.

mindrust

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Bittrex died for me the day they made KYC mandatory and now they are losing their US operations... It is not a big surprise. They should have kept thier operations off-shore, accepted no U.S. customers and maybe then they would still be relevant today. It is just
nearly impossible to do any business with the US government. Iran, China, Russia already stopped it and now even their old partner Saudi's are leaving the US Dollar... The US needs to get its shit together asap.

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Quote from: examplens on March 31, 2023, 03:01:04 PM

I completely forgot about this exchange. If I remember correctly, I already completed KYC there and used it very actively at one time. now they are asking me to go through KYC verification again, what could be the reason for that, I guess they didn't lose the previous information.
it's a good thing that I didn't leave any of my funds there.

I question this same issue on their support and they told me that this for updating my records on the exchange since my ID that I submitted is no longer valid by the time I use the exchange.

I left some Dogecoins in there few years ago that already grows the value. This force me to submit again KYC using my valid ID which is odd since Binance and other exchange doesn’t ask me for this KYC update.

Darker45

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Quote from: bbc.reporter on March 31, 2023, 07:27:58 PM

Quote from: JeromeTash on March 31, 2023, 04:31:01 PM

Lol

How times change.

I remember back in the day, 2016-2017-ish, before the emergency of Binance, Bittrex was top exchange. Any token or shitcoin that was rumored to get listed or was actually announced to be listed on bittrex would pump so hard.

But then they started restricting users by asking them to first do mandatory KYC verification. That was the beginning of their fall. I personally don't really care if they completely shut down.

Agreed. They would have become the giant of the cryptospace if they used similar tactics and strategies as CZ has used on how to avoid unclear rules and regulations around different jurisdictions hehe.

I used to be a regular user of Bittrex. I never had any problems with the exchange. I am not quite certain why there are some people in who say that it is a scam.

Those were the days, the good ol' days!

I was also a big fan of Bittrex back then. Bittrex was the top, the number 1. It was my exchange when I started learning about Bitcoin and trading. I never had a problem with them.

Being admitted there used to be the ultimate dream of new coins. Bittrex listing carried some sort of assurance and guarantee. And it almost always meant a pump.

Binance's arrival in the scene was very timely. It was around the time when Bittrex started to implement mandatory KYC. Binance offered what Bittrex deprived CEx users of. Unfortunately, years passed and Binance ended up implementing the same.

bbc.reporter

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Quote from: JeromeTash on March 31, 2023, 04:31:01 PM

Lol

How times change.

I remember back in the day, 2016-2017-ish, before the emergency of Binance, Bittrex was top exchange. Any token or shitcoin that was rumored to get listed or was actually announced to be listed on bittrex would pump so hard.

But then they started restricting users by asking them to first do mandatory KYC verification. That was the beginning of their fall. I personally don't really care if they completely shut down.

Agreed. They would have become the giant of the cryptospace if they used similar tactics and strategies as CZ has used on how to avoid unclear rules and regulations around different jurisdictions hehe.

I used to be a regular user of Bittrex. I never had any problems with the exchange. I am not quite certain why there are some people in who say that it is a scam.

coupable

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Is this platform still operating at all? I remember that it was one of the best platforms on the market and supports many currencies at the time. After the ICO wave since 2018, I have not heard anything about it, and even my account on that platform, I gave up its use after they asked me to prove my identity via Kyc. I also remember that it had passed a period of difficulties, as the complaints abounded in it, and the platform stopped producing advertising campaigns. Given the size of its daily transactions, I find it surprising that the platform still has customers who escaped from Binance and the rest of the market giants.
As for American users, it is certain that no one wants to deal with them from the beginning due to the severe control imposed by their governments, whether directly on them or on the platforms they use. Moreover, it is not possible to ensure that the decision was taken independently from the platform or the result of any pressure.

JeromeTash

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Lol

How times change.

I remember back in the day, 2016-2017-ish, before the emergency of Binance, Bittrex was top exchange. Any token or shitcoin that was rumored to get listed or was actually announced to be listed on bittrex would pump so hard.

But then they started restricting users by asking them to first do mandatory KYC verification. That was the beginning of their fall. I personally don't really care if they completely shut down.

Husires

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Quote from: OmegaStarScream on March 31, 2023, 02:40:35 PM

Bittrex just announced a few minutes ago via Twitter[1] that they will no longer be offering their services to U.S customers and everyone should withdraw their funds before the 30th of April.

Isn't this a short period to withdraw money? Approximately there are only 30 days, on average the platforms give 90 days, which means that the matter is a judicial settlement or under pressure from the US authorities.
When will they decide to stop? Almost all crypto platforms have been affected by decisions from the United States in one way or another.

Topic: Bittrex to shut its U.S operations - page 3. (Read 743 times)