Sunday, 05 July 2020

Bittrex Blocks US-based Users From Trading in 32 Cryptocurrencies

Bittrex US-based Customers will be impacted

A cryptocurrency exchange, Bittrex has announced plans to block US-based users from trading in 32 cryptocurrencies after June 21. It said the users will be notified with an email with a detailed explanation. However, non-US customers will be able to access those markets that continue to be listed on Bittrex International, which is the cryptocurrency exchange ’s Europe-based affiliate.

“US customers will be sent an email communication from Bittrex that provides guidance on what they can and cannot do with the affected tokens and coins in connection with this change before an affected market is no longer accessible,” said a blog post. It said buy or sell tokens and coins in all markets is currently available to US customers before the change date. “After the change date US customers ‘will not’ be able to buy or sell the listed tokens and coins. On the change date, our systems will automatically cancel all open and unexecuted orders in the affected markets.”

Further, the concerned customers ‘may withdraw’ or continue to hold in their Bittrex wallet affected tokens and coins for as long as Bittrex International supports a market in those tokens and coins.

The blog post said certain markets will not be accessible to the US customers after the effective date. “US customers will have access to a more limited number of markets than are available to non-US customers on Bittrex International.” The cryptocurrency exchange features over 200 tokens and coins for non-US customers. It plans to add innovative blockchain projects to Bittrex International in the future.ere are also practical challenges. Customers must agree to upload digital fingerprints and perform additional authentication steps during setup. Merchants are required to upgrade authentication systems at point of sale and adjust online checkout processes. Banks must create large networks to achieve benefits at scale, requiring data standardization and collaboration. Finally, there is the question of whether any bank would be willing to take the lead on creating a utility that offers no competitive advantage—the so-called coopetition paradox.

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