Following Poloniex Crash, Bittrex Bars US Users from 32 Coins
- Bittrex is blocking US users from trading in nearly three dozen coins, including QTUM and STORJ.
US-based cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Bittrex announced on June 7th that it would no longer allow its US users to trade in 32 different Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term after June 21st. The cryptocurrencies that the exchange will block include Quantum (QTUM) and Storj (STORJ).
The announcement came just a day after non-US-based users on another US-based crypto exchange, Poloniex, lost a total of $13.5 million due to a flash crash in a little-known cryptocurrency, Clams (CLAM).
Update: Market availability changes for U.S. customers. Learn more: https://t.co/K3PUSyr8w7 pic.twitter.com/Ad4qJVDpY6
— Bittrex (@BittrexExchange) June 8, 2019
After deciding to socialized the loss (distribute it among its users, even those who were not directly involved), Poloniex has found itself in the midst of a slew of legal threats and dissatisfied customers.
While there is no known direct connection between the two exchanges, it’s possible that Bittrex’ decision to block the assets was motivated by a desire to prevent something similar from happening to its US users.
The Assets Can Stay on the Exchange, But They Can’t Be Used
In any case, US-based Bittrex users will no longer be able to buy or sell the coins on Bittrex’ blacklist as of June 22nd. Open orders involving these assets will be canceled.
Bittrex suggested in the announcement of the blocking that affected users could sell the blocked coins for assets that will stay available to them or move them off the exchange.
Bittrex' list of 32 assets that will not be available to US users after June 21st.
Bittrex did say that the forbidden assets will at least be able to stay on the exchange as long as they are supported by the non-US arms of the exchange: “U.S. Customers may withdraw or continue to hold in their Bittrex wallet affected Tokens/Coins for as long as Bittrex International supports a market in those Tokens/Coins.“
An email containing more detailed instructions will reportedly come before the change goes into effect.
Restrictions and Controversy
This isn’t the only recent incidence of a major cryptocurrency exchange placing restrictions on US-based users. Finance Magnates reported last week that Malta-based cryptocurrency exchange Binance would bar US users (along with users in 28 other countries) from accessing its new decentralized exchange.
Earlier this year, Bittrex canceled what would have been its first-ever IEO following controversy around the company whose tokens would have been sold.
US-based cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Bittrex announced on June 7th that it would no longer allow its US users to trade in 32 different Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term after June 21st. The cryptocurrencies that the exchange will block include Quantum (QTUM) and Storj (STORJ).
The announcement came just a day after non-US-based users on another US-based crypto exchange, Poloniex, lost a total of $13.5 million due to a flash crash in a little-known cryptocurrency, Clams (CLAM).
Update: Market availability changes for U.S. customers. Learn more: https://t.co/K3PUSyr8w7 pic.twitter.com/Ad4qJVDpY6
— Bittrex (@BittrexExchange) June 8, 2019
After deciding to socialized the loss (distribute it among its users, even those who were not directly involved), Poloniex has found itself in the midst of a slew of legal threats and dissatisfied customers.
While there is no known direct connection between the two exchanges, it’s possible that Bittrex’ decision to block the assets was motivated by a desire to prevent something similar from happening to its US users.
The Assets Can Stay on the Exchange, But They Can’t Be Used
In any case, US-based Bittrex users will no longer be able to buy or sell the coins on Bittrex’ blacklist as of June 22nd. Open orders involving these assets will be canceled.
Bittrex suggested in the announcement of the blocking that affected users could sell the blocked coins for assets that will stay available to them or move them off the exchange.
Bittrex' list of 32 assets that will not be available to US users after June 21st.
Bittrex did say that the forbidden assets will at least be able to stay on the exchange as long as they are supported by the non-US arms of the exchange: “U.S. Customers may withdraw or continue to hold in their Bittrex wallet affected Tokens/Coins for as long as Bittrex International supports a market in those Tokens/Coins.“
An email containing more detailed instructions will reportedly come before the change goes into effect.
Restrictions and Controversy
This isn’t the only recent incidence of a major cryptocurrency exchange placing restrictions on US-based users. Finance Magnates reported last week that Malta-based cryptocurrency exchange Binance would bar US users (along with users in 28 other countries) from accessing its new decentralized exchange.
Earlier this year, Bittrex canceled what would have been its first-ever IEO following controversy around the company whose tokens would have been sold.