Bittrex Tightened New Tokens Listing Rules

Now token can be delisted due to low community interest or changes in legislation
01 February 2018   1470

The American exchange Bittrex has updated the requirements for new tokens listing. In particular, now developers need to provide technical information about the token itself, as well as the data of at least one team member. The new criteria are reported by CoinDesk.

In addition, Bittrex will check whether it is legal to host each specific token for trade in the United States. After this check, the specialized board will consider the features of the block of the presented crypto currency, its scope, its importance for the market and the reputation of the team.

We have to have confidence that as things are breaking that these guys are actually able to fix it and sometimes fix this stuff on the fly. So, you know having a great engineering team and great leadership team matters significantly in the listing process.

Bill Shihara
CEO, Bittrex

Among the reasons why Bittrex can delist token are:

  • changes in legislation,
  • low community interest,
  • break-in or breakdown of blockchain and crypto-currency-related technologies,
  • the team's refusal to support their own token,
  • low trading volumes,
  • suspicious activity in the market
  • user complaints.

Tokens that fall under the delisting criteria will not be removed immediately, but within two weeks. After the direct removal of the token, traders will have another two weeks to withdraw their assets.

Bittrex to Cancel RAID Crowdsale

The official reason was cancelation of the strategic partnership between the RAID project and the OP.GG company
15 March 2019   233

Bittrex International Cryptocurrency Exchange announced the cancellation of the first IEO on its platform. The official reason was cancelation of the strategic partnership between the RAID project and the OP.GG company. Representatives of the trading platform felt that in such a situation holding a tokensale contradicts the interests of investors.

Another reason for Bittrex decision could be an investigation published on Coinspeaker.

So, it turned out that the Singapore company issuer ONERAID PTE. LTD is not in the official register of legal entities from the Singapore company regulatory authority (ACRA). At the same time, several company names contain the word “Raid”: one sells alcohol, the other sells clothing and accessories. A few more are registered before 2010 and seem inactive.

It is noteworthy that any information about the company is missing in Google. Also no LinkedIn and Facebook accounts of founders were found. The founder of OP.GG Cheonwoo Park, whose company, according to Forbes, attracted 32 million active users in 30 countries, could not be found in social networks.

OP.GG has stopped all potential business discussions related to RAID project and there will be no economic and technical cooperation with RAID coin.
In addition, OP.GG has no intention of developing any blockchain related business utilizing RIOT GAMES data.
OP.GG will take all possible legal measures against individuals or organizations disseminating false facts related to this.
Thank you.

OP.GG Website

At the same time, the project’s Twitter itself says that it has nothing to do with RIOT GAMES.

At the same time, all the names of the co-founders are South Korean. The fact that the non-existent Singapore company most likely did not hire a single Singaporean also seems strange.

In light of the opening facts, the decision to change the XRD ticker to RAID also looks suspicious. It was probably taken in a hurry, since the RaidOfficial Twitter account has already existed since May 2010.