Bittrex Moves to Liechtenstein, Adopts New Global Brand
Bittrex split its business, redirecting international customers to its upcoming new platform, Bittrex Global.
Bittrex has moved its headquarters from Malta to Liechtenstein, and will start redirecting users to its new platform starting this October 29. The exchange already split off its US-based operations under the Bittrex.com brand.
The announcement arrives just days after Circle, Inc. announced it would spin off the Poloniex exchange to a new company and operate for traders only outside the USA.
“Eligible Bittrex International customers will automatically be redirected to the new global exchange platform, Bittrex Global. Once there, you will be prompted to accept the Bittrex Global Terms of Service if you haven’t already done so,” the exchange explained.
Bittrex Global will work under European regulations, entering a new and promising market for crypto trading. The new Liechtenstein headquarters mean Bittrex will be compliant with most European financial requirements. Previously, Bittrex operated under the regulations of the European Union and Maltese Government, including the Malta Virtual Financial Assets Act, also known as the VFA Act.
Bittrex.com has significantly reduced its selection of tokens, to remove assets that are related to gambling, as well as tokens that may be considered unregistered securities. The series of Bittrex delistings also additionally decreased the interest in more obscure altcoins, as it was always possible a pairing would be removed.
Increased reporting requirements may make it more difficult for exchanges to function. Beyond the required customer tracking (KYC) related to fiat usage, there are expectations for reporting on blockchain activity directly.
The trading volumes of Bittrex.com have fallen significantly, to $15 million in 24 hours. The new international exchange will aim at boosting activity, by entering new markets that still hold high enthusiasm for crypto coins.
Bittrex.com keeps operating in the US, based in Seattle, although still not ready to receive BitLicense for the state of New York. Bittrex also faced criticism and an investigation for failing to protect user data during KYC procedures and leaking passport scans.