Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: VeryWellDone on January 07, 2021, 09:27:51 AM
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Bittrex exchange announced (https://bittrex.zendesk.com/hc/en-us/articles/360054393492-Pending-Market-Removals-01-15-21) just days ago that it plans to remove trading pairs involving the Monero, Zcash, and Dash privacy coins.
The exchange will remove the following markets on Friday, January 15, 2021, at 23:00 UTC.
- BTC-XMR, ETH-XMR, USDT-XMR
- BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC
- BTC-DASH, ETH-DASH, USDT-DASH, USD-DASH
Bittrex has also announced that its users may receive up to 30 days to withdraw the delisted coins; however, this withdrawal period may be shortened. This has been a somewhat sudden decision, and is actually not in keeping with the sentiment of established and regulatory compliant exchanges such as Gemini and Kraken.
Following the announcement, Gemini CEO Tyler Winklevoss took to Twitter (https://twitter.com/tyler/status/1345138664377094144?s=20) to show his support for Zcash, a privacy protocol with public and private transaction capabilities which shares a similar ethos to our NAV/xNAV coins. Kraken CEO Jesse Powell has also voiced his opinion on Twitter (https://twitter.com/jespow/status/1345117102009536512) stating that there is little regulatory rationale behind the decision, and the delistings are specific to the business practices of Bittrex exchange.
The exchange saw its application for a virtual currency and money transmitter license being rejected (https://www.dfs.ny.gov/reports_and_publications/press_releases/pr1904101) by the New York State Department of Financial Services (NYDFS) in April 2019 and one of the reasons given was the failure to meet licensing requirements related to deficiencies in Bittrex’s BSA/AML/OFAC compliance program.
It’s important to note that the NYDFS has cleared the listing of Zcash on exchanges such as Gemini, and the decision by Bittrex does not affect NavCoin in any way. The Perkins-Coie whitepaper (https://www.perkinscoie.com/images/content/2/3/v7/237411/Perkins-Coie-LLP-White-Paper-AML-Regulation-of-Privacy-enablin.pdf) featuring privacy by default coins like Monero highlights that regulated entities can remain compliant with anti money laundering (AML) legislations while supporting privacy coins.
As a result, there is a legal framework supporting the listing of privacy coins and these delistings are a decision that is being taken solely by Bittrex exchange. However, we would like to reiterate that initially only the public NAV coin will be traded on centralized exchanges (CEXs).
Read more about the whole article here (https://medium.com/nav-coin/what-the-bittrex-privacy-coin-delisting-means-for-navcoin-ad04a105a88).
Will this affect the prices of these coins? How will it affect them long-term? Hopefully other exchanges don't do the same thing.
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Thankfully there are DEX's. Dex's will allow people to freely transact, exchange without the interference of politics
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The exchange will remove the following markets on Friday, January 15, 2021, at 23:00 UTC.
- BTC-XMR, ETH-XMR, USDT-XMR
- BTC-ZEC, ETH-ZEC, USDT-ZEC, USD-ZEC
- BTC-DASH, ETH-DASH, USDT-DASH, USD-DASH
I don't understand the Bittrex strategy. The coins they listed on the delisting list are proven and highly technological projects. A strange choice in my opinion.[/list]
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I am not so sure how big is the influence of Bittrex to the coins and tokens that they are listing or trading under their roofs. Well, a delisting decision can certainly affect a coin's price movement but on the long term if the project is really good it can be able to eventually wither the storm. Seems to me that Bittrex is getting away from privacy coins maybe it is now their policy to avoid any possible conflict with the government now and in the future.
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Bittrex don't say why they take this actions but the trading volume for this coins on bittrex exchange was low and this can be one of the reason for delisting the coins.
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it all comes down to it if one market removes a coin from their exchange, chances are that the trading traffic on Bittrex is very small. so what is it for to maintain, not if it only extends the list
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Bittrex doesn't want to be an exchange riddled with money laundering and this is where the US-based SEC functions.
Bittrex may be more afraid of the existing regulations and it is Bittrex's concern that its cryptocurrency trading will be even more transparent in the future.
This is my opinion, These are the reasons Bittrex wants to remove privacy coin trading.
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All these will just push more and more people to DEXs and make DEXs a much better place to trade since you don't have to KYC and wait for 2 weeks to set up an account.
Very well said. Cryptocurrency, is something decentralized. Decentralized exchanges, is it's natural place to be. It will move there, slowly, and steadily.
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Who cares about bittrex anyways, they already lost their fame long time ago so it is not as if without them this project will not continue to strive harder, am sure only those who are in their location that will be affected by this,
I stop considering bittrex as among exchange, plus there are many complaints and unresolved cases in their corner.