Bittrex to Remove Over 80 Token Wallets

Bittrex to Remove Over 80 Token Wallets

 Bitrex to eliminate 82 token wallets from their exchange for not meeting their standards for a viable token. 

Bitrex to eliminate 82 token wallets from their exchange for not meeting their standards for a viable token. 

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: 

A digital currency exchange serves as a nerve center of the blockchain ecosystem, and trading platforms are fundamental to ensuring the security of the blockchain by, for example, making it extremely difficult to engage in certain types of cyber-attacks. Additionally, it allows for marketbased price discovery so that the marketplace can determine the value for your digital asset; it also fosters innovation…

As with any new industry, there will be winners and losers. Not every idea will come to fruition, and that is both the beauty and curse of the free market.

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: 

 https://support.bittrex.com/hc/en-us/articles/360000474232-Bittrex-Market-Token-Removal-Policy

https://support.bittrex.com/hc/en-us/articles/360000474232-Bittrex-Market-Token-Removal-Policy

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"

A number of these platforms provide a mechanism for trading assets that meet the definition of a “security” under the federal securities laws. If a platform offers trading of digital assets that are securities and operates as an “exchange,” as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration. The federal regulatory framework governing registered national securities exchanges and exempt markets is designed to protect investors and prevent against fraudulent and manipulative trading practices.
— https://www.sec.gov/news/public-statement/enforcement-tm-statement-potentially-unlawful-online-platforms-trading

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. 

Bitcoin Accepted: Iowa City Area Chamber of Commerce

Bitcoin Accepted: Iowa City Area Chamber of Commerce

New Tariffs For New York Crypto-miners

New Tariffs For New York Crypto-miners