US Crypto Exchange Bittrex Readies International Trading Venue
Bittrex is going global with a new platform for international customers outside the US.
US-based cryptocurrency exchange Bitttrex said on Monday that it is set to launch a new digital asset trading platform for qualified international customers outside the US.
First revealed in September and previously branded as “Bittrex Malta,” Bittrex International will go live in “the next few weeks”, after undergoing a “brief” testing and evaluation period, the company said in a press release on Monday. The new venue will speed up the listing of tokens and reduce the approval process from months to weeks, Bittrex stated. It added that international traders will have access to the coins already listed on the main platform of Bittrex.com.
Bittrex International will be open to customers from around the globe. Only US residents will be restricted to using Bittrex.com, with no access to international markets, the exchange added. International customers, however, will be able to use their Bittrex.com login details to trade on the new platform after signing a new terms of service agreement.
Based in Malta, Bittrex International will be operating within the regulatory framework established by the European Union and the Maltese government. The marketplace will utilize the same Know Your Customer (KYC) and Anti-Money Laundering (AML) policy as other Bittrex services, the exchange further noted.
“At Bittrex, we’re using our secure, reliable and innovative platform technology to power the blockchain revolution,” Bittrex CEO Bill Shihara said in the company’s statement. “Through our U.S-based trading platform, and our growing network of partner exchanges around the world, Bittrex is making blockchain technology and digital asset trading more accessible to the global community. Bittrex International and its subsidiaries will further advance our work to increase adoption of this revolutionary technology by streamlining the process of identifying and listing some of the world’s most innovative blockchain projects.”
Shihara added that Bittrex International would not be charging a token listing fee because “we believe it's more important for token teams to invest their time and money in technology and business development.”
The move leverages Bittrex’s new base in Malta. The exchange, currently the 43rd largest by total average trading volume, is planning to apply to the Malta Financial Services Authority to become a regulated virtual financial asset exchange within the next 12 months.
In September, Bittrex bought a 10% stake in Maltese blockchain company Palladium. The company also recently partnered with peers Bitstamp, bitFlyer and Gemini Trust Company to establish self-regulatory crypto organization “Virtual Commodity Association Working Group”.