And So It Begins... Crypto Exchanges Cleaning House
Crypto exchanges are starting to clean house.
In news out today, Poloniex announced that they would be removing margin trading for any and all US based customers.
They also stated that they would be removing wallets for 3 altcoins:
- GNO (Gnosis)
- AMP (Synereo)
- EXP (Expanse)
Poloniex said that they would be removing these coins and disabling margin trading in order to ensure that the exchange complies with regulatory requirements, although they did not specify exactly what requirements they were referring to.
More about it can be found here:
If you recall, Poloniex was purchased by Circle for roughly $400 million back in February.
Circle is backed by Goldman Sachs.
They aren't the only ones cleaning house.
(Source: https://support.bittrex.com/hc/en-us/articles/360012536412-Here-We-Go-Rolling-Out-More-USD-Pairs)
I received an email from Bittrex this morning informing me that they would be removing wallets for 3 coins as well:
- BTS (Bitshares)
- BTG (Bitcoin Gold)
- BTCP (Bitcoin Private)
It wasn't immediately clear why they were removing these 3 coins, but it had something to do with no markets being available for them.
There are many fans of bitshares here on steemit, so this is potentially very big news to many readers on this platform.
More about it can be found here:
https://support.bittrex.com/hc/en-us/articles/360001391586
I expect this is just the beginning.
I am guessing this is just the beginning of cryptocurrency exchanges doing what is needed to do in order to be compliant with US securities laws.
If they do not, they may end with the same fate as 1Broker:
https://steemit.com/crypto/@jrcornel/sec-shuts-down-1broker-are-other-exchanges-next
Over time this will end up being a good thing as much of the waste gets cleansed from the system.
However, it may get worse before it gets better in the short term though, especially if a couple well-known coins get removed from large exchanges.
And, even worse would be if a large and popular exchange went the way of 1Broker...
Things are being cleaned up though, brace for impact folks.
Stay informed my friends.
Image Source:
https://coinjournal.net/payment-app-circle-buys-crypto-exchange-poloniex/
Follow me: @jrcornel
Customers should clean house too, withdraw all funds from Poloniex after their long "wallet freezes".
No wonder a "Goldman-Sachs backed" company purchased them.
It expresses the same patterns of behavior.
I remember that I also read about a bittrex wallet freeze, but it was not nearly as bad as poloniex.
I hope that there will be usable and cheap enough to use decentralized exchanges ASAP, and that people will adopt them.
Yes poloniex has certainly had their issues, especially in regards to steem. Though, with new ownership it sounds like they may be more on top of things moving forward. We shall see.
With a new ownership that is backed by Goldman-Sachs "it sounds like they may be more on top of things moving forward"?
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* Please note you do not have to key in [] for the command to work, APR can be affected by STEEM pricesBittrex disabled my account without notice or explanation. When I attempted to sign up with Poloniex, I submitted pictures from five different cameras on PCs and phones in an attempt to verify my identity before I gave up on them. I submitted a ticket too and they took a couple of months to get back to me. I had forgotten about them by then.
Good to know.
Never knew that Bittrex done such a thing.
Did you have any funds on the account that they disabled?
Which exchanges do you recommend now?
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Sorry for the delayed response. Missed your message when you posted it. I've had good luck with Coinbase and Kraken. Still hunting for a good exchange that has a large number of altcoins to choose from though, including Steem. You can also try Bitshares, which I've been meaning to do for quite some time now, but haven't found the need to make exchanges of Steem so I haven't. I'm hodling for now.
Oh also, no funds lost. I was just trying to deposit some BTC actually when I realized I was locked out of my account. Trying to verify my identity on my own did not help. Trying to contact them did not help. That spooked me on them forever. Imagine if I had money in there when they pulled that crap. I would have been SOL.
I just replied to a reply which I missed for almost a week before you replied.
These bot comments shit over my replies section.
I tried Bitshares more than once, but I was never able to register to it from my PC.
I hate them because of it, and no one helped me.
It goes to show what a shit community they are.
And people complain about their low volumes as of late.
When I had problems with Byteball, a few of its members scrambled and saved me from a painful loss.
I want a true decentralized exchange.
I am also in search for worthy currencies.
STEEM is something which I know its usages but have only minuscule faith in.
Would like to sell it for a better alternative.
Byteball I like.
In search for more.
So your funds were saved due to sheer luck that you had no funds in your account?
I wonder if they stole others' funds, but I have yet to see such a claim about them.
This is another reason to insist on a DEX.
What is SOL?
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SOL = Shit Out of Luck
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* Please note you do not have to key in [] for the command to work, APR can be affected by STEEM pricesHow long ago was that?
For some reason, people prefer these centralized solutions. For a community based around decentralized tech, people sure resist decentralized tech.
Have you used any of the more popular decentralized exchanges? Do they have much liquidity?
There is really no liquidity, which might be partly why people don't use them, but of course that logic is circular.
New users (and new money) go to where the advertisements send them, where name recognition carries them. That's places like bittrex or binance. How to get more name recognition and liquidity on things like openledger?
To offer a usable service could be a start.
I found OpenLedger to be usable. Just no liquidity.
I did not.
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I think those are very good news
Why is that?
great info there about poloniex news...
Bitshares has its own platform so I guess they dont like the competition.https://openledger.io/welcome
At the end its all about money
It could be. Though I think it also has do with being compliant with exchange regulations as well.
I use Bitshares dex daily,and delisting from bittrex is really nothing important.
Great post @jrcornel, thanks! Looks to me like regulation and institution investment are now starting to coalesce around crypto. There are several aspects I see at work:
Technology/Cryptography - this will decide the "cyberspatial borders" a la the quote by Julian Assange. Although we can expect there to be a kind of decentralised international 'black market' glome in this continuum, many nations will continue to integrate their cryptographic borders with their sovereignty. Some examples: Venezuela with the Petro and Sovereign Bolivar, Iran with their new national cryptocurrency, Russia with the CryptoRuble, and I think China is also investigating a national cryptocurrency as well. The development of cryptography will increasingly become a matter of national security, with corresponding levels of investment and public focus.
Legal/Regulatory - As well as the legal frameworks that will define nationally-acceptable public use cases for cryptocurrency & cryptography, there will also be the adaption of existing laws to ensure cryptocurrency markets are covered by the sort of protections both customers and institutional investors request. On the NatSec front, in Australia, the government has already proposed laws to attempt to give security agencies 'carte blanche' access to devices by criminalising those that would withhold their passcodes when 'lawful access' is requested. This is a typical authoritarian 'brute force' approach to the issue - attempt to ensure the broadest possible field of action for the government at expense of considering the nuances required to respect individual sovereignty. Other nations may take a more balanced approach to the issue. My prediction is once the security frameworks are in place, the oligarchs will then be lobbying the government to shape legislation that favours the maintenance of any economic monopolies/cartels they have (etc hedge funds, banks etc). There will almost certainly be a clash with the interests of smaller institutional investors, who have their best chance to chart a fair outcome regarding financial and economic regulatory outcomes at this point. The recent ruling regarding BitCoin's economic definition as a commodity shows that regulatory agencies are starting to weigh-in in these areas. Your post above shows that establishment-backed interests are beginning to position themselves for attempted greatest alignment with the precedents that will be set.
Grassroots / Innovation - As cryptoeconomics becomes more centralised, those grassroots platforms advocating a decentralised approach will find themselves increasingly navigating a tricky path between legal compliance and individual 'freedom'. We have seen many innovations by the worldwide Internet community as individual governments have attempted overreach regarding human rights; there is every reason to think this will continue. Platforms like the STEEM blockchain and Steemit have already shown they can be instrumental in creating opportunities for accelerated financial freedom and individual sovereignty. I look forward to seeing what kinds of ideas will reveal themselves in the future!
Again, thanks for your post - it got me thinkin'! 😄
I think that they have enough volume, but probably there are other reasons:
I would assume it is mostly your second point. Decentralized exchanges could facilitate money laundering, tax evasion, terrorist financing and all sorts of other "evils". Bittrex as well as others likely can't be attached to that now that they are regulated.
I'll have to read up on that. I never use it but ...
If I remember this right is that the trading of bitshares (BTS) stopped a long time ago on Bittrex (hence the no markets being available for them).
But the wallets are still there from the time it was possible.
Those wallets are now being removed. If for some reasons people still have funds in them now is the time to move them.
Yes, that is correct and good advice as well!
Great post @ jcornel 👍🤑👍
Thanks corndog!
I believe that crypto exchanges should be used by all who love it!
