Bittrex Crypto Exchange Restricts 20 Markets for US-Based Traders
Following the example of Poloniex, Bittrex will restrict the offerings of several digital coins and tokens deemed problematic.
Within the next 10 days, Bittrex will close 20 markets for US-based customers. The markets will transfer to Bittrex International, to preserve other sources of liquidity. After the restriction date, June 21, US-based traders will see their orders automatically closed.
https://twitter.com/BittrexUS/status/1137162382537633792
Traders will still be able to withdraw their assets, or keep their funds on the exchange until the coins or tokens are supported on Bittrex International.
The restrictions include tokens like AdToken (ADT) and others offering a form of payout, making them potential securities. Former highly innovative projects have also discovered that their internal economic model goes counter to traditional financial regulations. Even Mobius (MOBI), the most prominent ICO based on the Stellar network, has been affected.
Other previously hot assets include Factom (FCT), District0x (DNT), Enigma (ENG), and others. IHT Real Estate (IHT) also faced restrictions due to its uncertain security status.
Bittrex carries trading of around $59 million in 24 hours, showing a decrease in market share compared to the earlier years of cryptocurrency trading. The more restrictive regulations mean some of the 350 trading pairs turned problematic.
The exchange has also lost its prominence and market share, displaced by leading Asian exchanges. Bittrex was one of the highly accessible and active markets in 2017, but having to comply with US regulations has hurt the exchange’s business. A similar loss of volumes is noted on Poloniex, which also restricted the pairs offered and stopped trading for a handful of assets in the USA.
https://twitter.com/BittrexIntl/status/1136045052164227079
Bittrex remains one of the exchanges attracting significant Tether (USDT) activity, with more than 66 million tokens reaching the exchange. Still, Binance has about 10 times the USDT liquidity, upward of 600 million tokens.
In the up and coming trend of token sales, Bittrex also keeps US-based buyers away from its latest IEOs. The new tokens are only sold through Bittrex International. The sale for the new token, Standard Tokenization Protocol (STPT) is happening this June 11, only open to fully verified international users.
