Why Exodus disabled Bitcoin exchanges?

Exodus wallet temporarily suspended operations with Bitcoin due to the problems it experienced during past 72 hours
13 November 2017   1735

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.

VanEck & SolidX to Withdraw BTC ETF Application

Bitwise and Wilshire Phoenix' Bitcoin applications are still pending
18 September 2019   188

The bid for Bitcoin ETF launch by VanEck and SolidX, considered the most likely candidate for approval, was withdrawn amid continuing uncertainty from the US Securities and Exchange Commission (SEC).

VanEck and SolidX planned to place their Bitcoin ETFs on the Chicago Options Exchange (Cboe). However, as follows from the notification published on Tuesday, on September 13, the latter withdrew the application for a change in the rules, which, if approved, would allow launching the corresponding tool.

Previously, SEC postponed the solution several times at the request of VanEck and SolidX. The last time this happened in August was when the decision on Bitcoin ETFs from Bitwise Asset Management and Wilshire Phoenix was also postponed.

The final deadlines for decision making on Bitwise and VanEck / SolidX applications were on October 13 and 18, respectively. Wilshire Phoenix's decision is due on September 29th.

It should be noted that over the past few years, various companies have sought approval from the SEC to launch exchange-traded funds, but each time the regulator refused. Most often, the reasons for the negative decision were explained by the risks of market manipulations and insufficiently developed market control tools.