Bittrex to Delist 82 Markets

Bittrex announced that it will remove 82 markets from the platform on March 30, 2018
17 March 2018   1543

Bittrex is a U.S. blockchain platform providing real-time trading and security. Bittrex aims to have such features as secure platform, custom built trading engine, fast deposits and withdrawals, complete and easy REST API. 

On March 9 Bittrex has already removed several markets from the platform. Later, Bittrex has  made an announcement that it will remove 82 tokens from its trading platform on March 30, 2018.

Once these wallets are removed, we will no longer be able to recover these coins. Users must withdraw their coins before March 30, 2018, in order to keep them. The coins marked with an asterisk (*) have broken blockchains or wallets that will not allow withdrawals. In those cases, the inability to withdraw your balance is not due to the Bittrex Exchange platform, but is caused by a problem with the underlying blockchain or wallet associated with that coin.

Bittrex Statement

The exchange reported that such actions are taken to ensure customers have access to digital tokens that meet the strict coin listing criteria and have a properly functioning blockchain and wallet.

Bittrex delisting marketsBittrex delisting markets

At the time of press, the market capitalization of Bittrex is $137 479 541, and the most popular coins trading on the platform are Bitcoin, NEM, Cardano, Ethereum and Ripple.

Bittrex to Receive BitLicense Denial

NYDFS considers the company's policy of legal compliance to be inadequate or non-existent and they question the competence of the top manager
11 April 2019   252

The New York State Deartment of Financial Services Authority (NYDFS) rejected the Bittrex Bitcoin Exchange (Seattle, USA) application for a license to conduct virtual currency activities (BitLicense). The department considers the company's policy of legal compliance to be inadequate or completely non-existent, and the competence of the authorized top manager is questioned.

As part of the cooperation, NYDFS sent several letters to Bittrex, which stated the shortcomings, in particular - in AML-procedures, however, according to the regulator, the exchange left some remarks without attention.

Thus, the agency provided the trading floor with 14 days to terminate all operations in the territory of the State of New York, as well as develop a plan to suspend work with its residents.

Also, the exchange has only 60 days to transfer funds to residents of New York, which are in the custodial vault.

In a separate letter to the CEO of Bittrex, Bill Shihara, department, among other things, drew attention to the insufficient, in its opinion, due diligence measures for clients, as well as to the fact that a large number of transactions lacked the necessary tax information or customer names.

The Office also questioned the effectiveness of the measures that the exchange took to prevent access to the platform by users on the sanction lists, pointing out several cases of questionable transactions. Additionally, it was noted that a number of Bittrex clients used “frankly unreliable names”, for example, “Elvis Presley”, “Donald Duck” and “Give me my money”.

In Bittrex, negligence claims against the regulator’s claims were refuted and stated that this behavior of NYDFS does not protect users from New York, but only harms them.

The exchange insists that the examples cited by the Office refer to 2017, but since then a more reliable user identification system has been implemented. As part of this process, Bittrex has restricted access to accounts that do not meet “enhanced verification standards.” In addition, in January 2018, the Office for Control of Foreign Assets received information on users from Iran.

Commenting on the listing of tokens, Bittrex stated that the Office had proposed an agreement under which it could provide residents of New York with access to only 10 assets. However, considering what more than 200 cryptocurrencies and tokens are trading on the exchange, it rejected such a condition.