Bittrex to Remove Over 80 Token Wallets
Last week, U.S.-based cryptocurrency exchange, Bittrex, announced to its users that they will be removing 82 tokens from their exchange, in an effort to trim the fat. Two senior executives quoted this, in a Wall Street Journal Op-ed interview:
Holding true to this statement, the tokens being eliminated were deemed to have insufficiently met the exchanges stringent requirements to remain valid. Their guidelines for compliance are as follows:
Bittrex makes clear to its users that all withdrawals, for token wallets slated for removal, must be done before March 30, or they will be lost. While most of the tokens will pose little issue for withdrawal, some (noted in their list with an asterisk) have broken blockchain or wallets, making a withdrawal impossible. Bittrex is quick to point out that the inability to withdraw from these wallets is due to the blockchain/wallet associated with the token, and not the fault of the Bittrex exchange. The list of token wallets impacted by Bittrex's determination are as such: 8BIT ADC AM AMS APEX* ARB BITS* BITZ* BLC BOB BSTY BTA CCN CRBIT* CRYPT* DAR DGC DRACO DTC FC2 FRK FSC2* GEMZ GHC GP GRT HKG HYPER* HZ J KR* LXC* MAX MEC METAL MND MTR* MZC NAUT NET NEU* NTRN OC* ORB PRIME* PXI ROOT* SCOT SCRT* SFR* SLG SLING* SOON SPRTS SSD* STEPS* STV SWING TES TIT TRI TRK U* UFO UNIQ* UNIT UNO UTC VIOR* VIRAL* VPN WARP* XAUR XBB XC XCO XDQ* XPY* XQN XSEED* XTC YBC*.
It's likely that BIttrex has made this decision in light of the SEC's recent proposal to regulate ICOs, as the SEC wishes to define them as a "security"
With it being in the best interest for U.S.-based exchanges to adhere to proposed government regulations, we can assume the likelihood of other U.S. exchanges to follow suit, as regulation of pump and dump ICOs that make lofty promises, and have little show, are hindering the overall adoption of valid cryptocurrencies and blockchain technology.