Bittrex Announces Mass Delisting

One of the world’s largest online crypto exchanges based in US, Bittrex announces its spring cleaning. It shared its plan to remove 82 delisted token wallets from its interface in the coming weeks.

US based crypto exchange, Bittrex headquarter in Seattle, Washington gives a wide variety of currencies to choose from. The company processes every application manually which makes it quite easy to get listed on this exchange.

Bittrex became a safe heaven for most altcoins after Poloniex suffered massively from degraded performance. Bittrex has added dozens of currencies over the past few months. Since then it is apparent that it needed some cleaning, as some tokens either don’t generate sufficient trading volume or their block chains are utterly broken. Seems like addition of so many coins started backfiring.

As a result, Bittrex gave a list of 82 altcoins that will be removed from the exchange. The list includes few surprising names but most of the names are of the currencies that people have never even heard of.

As per the report the process of removing the blacklisted tokens by March 30^th, 2018 following this date these coins will be no longer redeemable. Therefore, exchange has advised the holders of the blacklisted altcoins to withdraw them from their wallet by March 30^th, 2018 because after that these altcoins will be irrecoverable.

There are various currencies that posses broken blockchains. As a result exchange has marked such coins with an asterisk (*) having non functioning wallets or blockchains preventing users from withdrawing their assets.

The officials from Bittrex Exchange Support clarified that this decision has been taken not due to an issue with bittrex’s platform but with the wallets and blockchains of those altcoins themselves.

What prompted this move?

The U.S. Securities and Exchange Commission (SEC) made an announcement earlier this month. The statement in the announcement was regarding crypto currency exchange trading digital coins that would be considered as securities otherwise. In this case commission has asked such exchanges to be either registered as a “national security exchange” with the organisation or follow the procedure of getting exempted from such requirements.

In response to SEC’s announcement, Bittrex is the first one to publish their statement. With this announcement of Bittrex had reassured its customers that all the coins that are traded on its platform have already been approved to ensure compliance with commissions recently announced guidelines. This was specified from the statement of bittrex’s expert saying “Bittrex uses a robust digital token review process to ensure the tokens listed on the exchange are compliant with U.S. law and are not considered as securities.” You can directly talk to experts at Bittrex Support Number and clear all your doubts without any second thought.

Therefore, this decision of Bittrex of delisting 80 altcoins is not only reffered to spring cleaning by the exchange, but also it seems like the exchange is doing this to steer clear from any sort of trouble with SEC.

Hence we can say that such cleaning in the crypto market is expected to stimulate further long term growth, as the market is getting rid of weak money and projects while bringing the top notch players to the light.