Bittrex under Change

in DCooperation2 months ago

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Several days ago, I tried to sign up Bittrex to exchange my cryptocurrency to other ones.
I spent several hours to register and get valified taking photos of my ID card and fill in my personal data. But finally I failed.
And even I left my inconvenience on customer support tap to get support, the reply so late. And I got the answer that “Sir, please try to assess to global site”.
I was so crazy with that situation while I almost lost my right time to exchange my coins.
At that time, my feeling to Bittrex was a sort of Giant dinosaurs that is not efficient and agile to get accustomed to environment.
So I selected other exchange. After that moment, I haven’t tried to used that.
Because no more necessary. I already had an alternative.

Now Bittrex shows some changes and has announced its new plan.
Those changes are about issuing its own exchange token and what Bittrex US’ former chief compliance and ethics officer has moved to Fannie Mae which is mortgage finance giant.

It could be a signal that Bittrex try to change to compete in dense competition crypto world or just a final trial for survival.
And there may be some conflicts between John Roth legal group and company business direction. Chief legal officer might try to be aligned with US law that does not give good environment for crypto companies now, but company and market needs faster and stronger movement and change.

Bittrex Global to Introduce its Own Exchange Token

Bittrex Global, Bittrex’s European digital asset exchange partner, revealed on May 5, 2020 that it will be issuing an exchange token next month.
Founded in October of last year and based in Liechtenstein, Bittrex Global aims to serve international virtual currency traders.

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The Bittrex Global team confirmed via Twitter that they will be listing a “Bittrex Global Exchange Token.” Details regarding the new exchange token have not been shared.

Bittrex Global’s management appeared to suggest that it has faced regulatory challenges, which included issues with launching an exchange token.

The exchange’s website cannot be accessed by US-based traders. Bittrex clarified that its new token would not be available to US residents.

Crypto exchanges Binance and Huobi have their own exchange tokens, but they are not US-based trading platforms, which is why they might not have had to deal with as many regulatory issues.

In March 2020, Bittrex added credit card support, conditional orders on mobile and a referral program through which customers can earn rebates by inviting new users.

Despite the company’s recent efforts to market its products to a user base, its market share has fallen significantly during the past year. The exchange’s share of the crypto trading market fell from around 3.5% in early 2019 to only about 1% (at present).

Bittrex Exec Joins Mortgage Giant Fannie Mae

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John Roth left the crypto exchange for the Washington, D.C.-based mortgage finance giant last month, according to his LinkedIn page. He is now director of legal and regulatory compliance at Fannie.

Roth’s LinkedIn profile no longer identifies Bittrex as a previous employer, only a nameless "digital currency exchange startup."

Bittrex Chief Operating Officer James Waschak is running the compliance team until a successor for Roth is found.
While typically understood as one company, Bittrex is technically three entities, an exchange for users in the United States, one for the rest of the world and a technology company that serves both.

There was also a leadership transition at Bittrex Global in February. Kiran Raj stepped down as CEO, serving elsewhere within the company, according to a spokesperson. Tom Albright, former general counsel, now leads the exchange for the world outside the U.S.