Why Exodus disabled Bitcoin exchanges?

Exodus wallet temporarily suspended operations with Bitcoin due to the problems it experienced during past 72 hours
13 November

Exodus, the cryptocurrency and bitcoin wallet announced on November 11 that exchanges involving BTC would be temporarily disabled due to Bitcoin network congestion. It was stated that will be no opportunity to operate with Bitcoin until the network returns to normal.

Although the problem was promised to be dealt with by November 12, the Bitcoin trading pairs still remain disabled. Exodus claimed in the official twitter account that Bitcoin network fees are the highest they have ever seen and that a lot of transactions still need hours more to confirm. Regarding the exchanges failing at an unacceptable rate, exchange feature for Bitcoin trading pairs was decided to be suspended.

As far as the problem is still relevant, there was published a message to the community in Exodus account on Medium, where it was stated that the parabolic rise of Bitcoin Cash had a serious impact on the Bitcoin network and fewer miners on the Bitcoin blockchain made transactions more expensive.

This was a painful decision for us, as we were fully aware of the market situation; but at the same time, we couldn’t risk your funds getting stuck in the worst Bitcoin traffic jam. It’s worth noting the only income stream of Exodus is a small commission we get after ShapeShift exchanges, but we decided to prioritize user safety over commercial interest.
 

Exodus Team

Exodus team apologised for all inconveniences, promising to increase support efforts and reply with a solution to all users within 48 hours. They opened a direct channel to ShapeShift, and promised to deliver the funds back to the wallet as quickly as possible and to cover all related costs.

Moreover, Exodus pledged to add as many support engineers to their team as necessary, to improve the connection to ShapeShift, to work on integrating alternative exchange platforms, and to add a new feature which will warn users of “surge pricing” in case of similar network issues in the future.

Israel will reveal the status of cryptocurrencies in the next six months

Now in Israel people should make their decision on Bitcoin and it will be claimed soon
20 November

 

Israeli Ministry of Finance announced they will do some research on Bitcoin and cryptocurrency together with accounting firms.

This decision came from meeting initiated by Finance Minister Moshe Kahlon. At the meeting they realized Israel wasn’t prepared to accept cryptocurrency.

We are leading this with the minister and very happy to see he is all for it. The committees will begin their operations very fast. In my opinion, we will see results on the ground in up to six months.

 

Moshe Hogeg, Israeli serial entrepreneur.

The situation with uncertainty on Bitcoin mentioned above created a lot of trouble for businessmen and users on cryptocurrency.

For example, in June Tel Aviv district court announced that banks may reject Bitcoin ventures because of the inability to verify the KYC and AML. Also Israeli Tax Authority decided that if Bitcoin is not a legal currency, the sales of BTC will hurt adoption.

Although not everyone supports the recommendations of researchers. In Israel there is at least one high-ranking placeman who is convinced in pernicious impact of cryptocurrencies for economy and many share his view.

The Head of Israel Securities Authority (ISA) expressed his opinion that Bitcoin and ICOs should be strongly regulated. ISA instituted its own committee to assess regulations on Bitcoin and other cryptocurrencies.