Bittrex released SegWit2x related statement

The BTC ticker will remain behind the Bitcoin Core chain at least until the hardfork
07 November 2017   1762

The Bittrex exchange has decided on its position on the SegWit2x hardfork, saying that it will keep the BTC ticker for the current version of bitcoin at least until this event, but may later reconsider its position.

The Bittrex statement says that the exchange did not sign the New York agreement and remains neutral with any fork, including SegWit2x.

Bitcoin Segwit2x is considered a "contentious" hard fork which has divided the Bitcoin community and may result in a chain split. There is also no replay protection present so Bittrex must undertake extra measures to ensure that in a chain split, user coins are preserved on both chains. There may be delays in Bitcoin deposits and withdrawals for some time due to these extra measures.

Julian Yap


 In this regard, the exchange notes, there may be delays in accepting deposits and withdrawing Bitcoin funds.

The BTC ticker will remain behind the Bitcoin Core chain at least until the hardfork, after which the exchange will assess the situation within 24-48 hours to determine if the chain has been split.

In the event of a chain split, "BTC" will remain the existing Bitcoin chain with 1 MB blocks until the industry and ecosystem demonstrates a clear chain preference for Bitcoin. Bittrex will take all reasonable steps to ensure that customer funds can be preserved on both chains. Bittrex will make all reasonable attempts to credit our users chain split tokens. We will not recover incorrectly made cross chain deposits under any circumstance due to the lack of replay protection.

Julian Yap


 At the same time, Bittrex will take all necessary steps to ensure that users' funds are stored in both coins. However, due to the lack of a mechanism for protecting against the replaying of transactions, the return of funds in case of sending coins to an incorrect chain will not be carried out.

In the event that if it not be clear which chain is preferred and which one will be dominant, Bittrex does not exclude the opening of B2X token trading (Segwit2x chain with 2Mb blocks). It is also likely to extend the evaluation period.

The exchange promises to charge new tokens in the ratio 1: 1 at the time of the hardfork at block 494,784. However, the input and output of funds will be stopped approximately 24 hours before this event on block 494,640. In the event that until this moment the sent transaction has not been confirmed, new tokens will not be accrued. At the same time, trading on the platform at the time of the hardfork will not stop.

Bittrex to Implement Chainalysis' KYT Solution

Exchange had to take this measure due to the tightening control over the cryptocurrency industry by regulators and authorities
26 September 2019   194

Bittrex, the U.S. cryptocurrency exchange, has introduced suspicious transaction tracking tools for its many supported assets from Chainalysis, CoinDesk writes.

From now on, Bittrex will track Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Dai, Gemini Dollar and other cryptocurrencies transactions presented on the platform using Chainalysis KYT tools.

The implementation of the decision was preceded by tightening control over the cryptocurrency industry by regulators and authorities. In June, the Financial Anti-Money Laundering Measures Development Group (FATF) approved recommendations for the supervision of cryptocurrency exchanges and custodial service providers and gave its members 12 months to approve the provisions according to which each transaction should be identified according to its participants.

Bittrex Compliance Director John Roth said the exchange is already complying with similar requirements in the United States, and Chainalysis KYT will expand its capabilities. 

aving real-time information coming in from which we can make risk decisions is really an amazing step forward, and frankly one that’s not available to traditional financial institutions. They need to be assured that we are doing things the right way.

John Roth

Compliance Director, Bittrex

Chainalysis security head Jonathan Levin said that the proposed tools will largely automate the process of tracking transactions on the exchange.

The key to supporting a large exchange like Bittrex is building features that enable them to automate their compliance process, prioritize their workflow, and customize their alerts to speed up how fast they can do due diligence. 

Jonathan Levin
Security head, Chainalysis

The software marks transactions that may be criminal in nature, after which Bittrex employees will have to carry out their manual assessment and report to regulators in case of confirmation of fears.