SORRY BITTREX, BUT I’M LEAVING YOU FOR BINANCE

[ridertiger]

It breaks my heart to leave my favorite exchange, but all good things must come to an end as Bittrex is wading right into regulated waters.
Bittrex, you’re such a great exchange as you’ve never given me any real problems. Sure, your withdrawal limits (without ID verification) are small. Yeah, your fees were a bit high. But you’ve always been there for me when I needed you. I even like your new redesign, and I especially enjoyed our night mode together.

Alright, I’ll stop with the lovelorn analogies here and get right to it.

All users should be aware that Bittrex is currently registered in Seattle, Washington, in the United States.

At first, this may not seem like a big issue. However, this is the exact same state where another popular exchange started out: Poloniex. That is, until they got bought by Circle, a Goldman Sachs-backed startup out of Boston, Massachusetts, where Poloniex now resides.

So what’s the big deal?

On Monday, Bitcoinist reported that Poloniex “broke its promises” to users by implementing a new KYC (know-your-customer) policy regardless of whether US dollars were ever involved.

This means that the withdrawal limit for Poloniex for legacy users suddenly became $0, even if you only traded crypto-to-crypto. Therefore, your account can now only be “reactivated” if you provide a government-issued ID. Simply put, your funds are now held hostage.

The exchange started circulating emails to legacy account holders notifying them of the changes, which read:

We are requiring that all legacy Poloniex accounts become verified through the latest version of our verification portal […]. During the process, you’ll be asked to provide a verification photo of yourself as well as a photo of a valid government-issued ID card or passport.

Yesterday, Bitcoinist reported that Bittrex, which has also been growing rapidly, has confirmed a deal with a New York-based bank that would allow its customers to buy Bitcoin with US dollars.

The news was largely well-received by the crypto space. Bittrex CEO Bill Shihara declared it a watershed moment, saying:

It’s been a long path. […] It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.

This is all fine and well, but one cannot help but ask: if Bittrex wants banks to “trust crypto,” how long before legacy Bittrex users get ‘Poloniex’d’? Will their accounts also be deactivated until a government-issued ID and a photograph are provided?

I cannot help but feel the looming risk for my funds.

Moreover, it has become a mantra for experienced crypto traders not to hold significant amounts on custodial exchanges, not to provide personal information because of hacking risks, and to always control your own keys.

Hence, I believe it’s high-time for me to migrate to the next best thing: Binance.

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[Serpens66]

??
wasn't bittrex the first exchange that held the funds of customers "hostage" without verification since several months ago?!?!

[Flangler]

I had never any problems with Bitrrex at all. It's true that limits are small about one BTC if I'm not wrong. On the other hand, Binance has an extremely high fees wich pushing me away from it. If u are a whale then Binance is a right or not a good place for you, because you wouldn't be able to manipulate price.
BTC"It’s been a long path. […] This is all fine and well, but one cannot help but ask: if Bittrex wants banks to “trust crypto,” how long before legacy Bittrex users get ‘Poloniex’d’? Will their accounts also be deactivated until a government-issued ID and a photograph are provided?"BTC
It actually happened in Poland, the polish government even made commercial which warns people from investing in cryptocurrency and put one percent tax to each transaction, from the whole amount of course... Their main slogan is " Whom will you became when bubble break". I believe that Ceo of Bittrex is right, banks and governments have to accept crypto first.

[SamDummy]

fully support! let them know! that we just want to buy and sell cryptocurrency without problems.

[renes]

I also left many exchanges for binance but soon it seems I will also left binance for decentralized exchanges like oax because it does not maybe require kyc but it takes your coins!

[biba67]

For me it's always a choose between your needs. There are no bad and good exchanges, just what you want from them. For me much more better Binance at this time, but i also love Bittrex, but i can't understand, why they started delisting of coins?

[RenBct]

Yeah i'll do the same too. because bittrex have problems that sometimes pisses me off but of course i still earn money in trading but i earn more in binance because there's more coins there.

[Siren]

Do you want us to cry and wave with you as youre making this farewell message?
I dont know why many are afraid of KYC is this will interfere youre privacy? I guess the answer is no.
And about loyalty ,you dont need to use a single exchange when you can make many trading in different exchanges .and thats what im doing since i start to daytrading and it feels more safer than using one

[Parabellun1917]

It breaks my heart to leave my favorite exchange, but all good things must come to an end as Bittrex is wading right into regulated waters.
Bittrex, you’re such a great exchange as you’ve never given me any real problems. Sure, your withdrawal limits (without ID verification) are small. Yeah, your fees were a bit high. But you’ve always been there for me when I needed you. I even like your new redesign, and I especially enjoyed our night mode together.

Alright, I’ll stop with the lovelorn analogies here and get right to it.

All users should be aware that Bittrex is currently registered in Seattle, Washington, in the United States.

At first, this may not seem like a big issue. However, this is the exact same state where another popular exchange started out: Poloniex. That is, until they got bought by Circle, a Goldman Sachs-backed startup out of Boston, Massachusetts, where Poloniex now resides.

So what’s the big deal?

On Monday, Bitcoinist reported that Poloniex “broke its promises” to users by implementing a new KYC (know-your-customer) policy regardless of whether US dollars were ever involved.

This means that the withdrawal limit for Poloniex for legacy users suddenly became $0, even if you only traded crypto-to-crypto. Therefore, your account can now only be “reactivated” if you provide a government-issued ID. Simply put, your funds are now held hostage.

The exchange started circulating emails to legacy account holders notifying them of the changes, which read:

We are requiring that all legacy Poloniex accounts become verified through the latest version of our verification portal […]. During the process, you’ll be asked to provide a verification photo of yourself as well as a photo of a valid government-issued ID card or passport.

Yesterday, Bitcoinist reported that Bittrex, which has also been growing rapidly, has confirmed a deal with a New York-based bank that would allow its customers to buy Bitcoin with US dollars.

The news was largely well-received by the crypto space. Bittrex CEO Bill Shihara declared it a watershed moment, saying:

It’s been a long path. […] It’s not just about banks being able to trust Bittrex. It’s about banks being able to trust crypto in general. And I think it’s really showing that crypto is turning the corner in terms of mainstream acceptance.

This is all fine and well, but one cannot help but ask: if Bittrex wants banks to “trust crypto,” how long before legacy Bittrex users get ‘Poloniex’d’? Will their accounts also be deactivated until a government-issued ID and a photograph are provided?

I cannot help but feel the looming risk for my funds.

Moreover, it has become a mantra for experienced crypto traders not to hold significant amounts on custodial exchanges, not to provide personal information because of hacking risks, and to always control your own keys.

Hence, I believe it’s high-time for me to migrate to the next best thing: Binance.

Hello! I fully support you. I wonder how Bittrex will work now. Now Binances like more clearly.

[ridertiger]

Could it be because many companies do not ask your permission when handing your private information to others?
Could it be Facebook is a great example of irresponsibility?
Could it be because decentralization is one of the reasons we are in crypto?

Here is a statistic:
Recently in 2016, Thomson Reuters conducted a large-scale study on the global changes in the KYC policy.  In the survey, 772 respondents from financial institutions and 822 respondents from corporations in leading regional markets of Europe, USA, South Africa and the Asia-Pacific regions were asked about their views on how KYC was affecting their businesses. The survey revealed a global trend: the cost and complexity of KYC procedures are negatively affecting businesses around the world.
Source: http://tfageeks.com/2017/08/21/know-your-customer-kyc-in-financial-institutions-is-it-my-right-or-duty-to-introduce-kyc-documentation/

Do you want us to cry and wave with you as youre making this farewell message?
I dont know why many are afraid of KYC is this will interfere youre privacy? I guess the answer is no.
And about loyalty ,you dont need to use a single exchange when you can make many trading in different exchanges .and thats what im doing since i start to daytrading and it feels more safer than using one

[1020kingz]

There are lot of exchanges out there that you can join and do your trades but bittrex is one of the big exchanges that you can earn more profit because of huge volume of trades on this platform. However there are more exchanges that are much better than bittrex, and binance is one of that and i think if you leave bittrex for good and go to binance there is nothing to worry about and no regrets by transferring into it because of the similarities of it in trading volume in bittrex.

[Pamadar]

You must go if you feel that way OP as we knew that this kind of actions really been around here many traders and investors chooses exchange that they've feel that they are more comfortable, I think bittrex and polo still continue even you will move from them and go with binance, you already pointed your side and it will be depend from your readers to assess.

[mklost]

Sorry for hearing your problem. But I still live bittrex and also love binance. Binance is the priority and then bittrex. Bittrex has too much verification and system that's why many people are leaving it. Though I am not a regular bittrex trader but I feel very safe like home in bittrex for its security. But I also think bittrex has to think about a day trader; they should use less their security system. 2FA, NID Verification is enough to me.

[BrewMaster]

i am honestly surprised to see you have stuck around this long on Bittrex. month ago when they broke their promises and changed their rules and also scammed thousands of users, a lot of big and small investors left it for Binance that is why Bittrex daily volume took a huge hit and i do believe they have been reporting fake volume ever since although it is still so much smaller than it used to be.

[etin06]

Bittrex is really great exchange. My major problem with them is that their withdrawal amount for unverified account is too small just 0.4btc unlike binance that is 2btc.

[Kate Beckett]

I traded at Bittrex and was happy, but the amounts have grown many times and now I'm looking at a commission of 0.25% and it's already too much! Binance commission is noticeably lower - 0.10%, and for its own token of Binance Coin - only 0.05%. Bittrex sets more stringent limits on transactions than Binance, as required by United States law. In addition, if you are concerned about the confidentiality of your transactions, Binance will be more suitable for you.

[onecall123]

I could understand your feeling towards Bittrex, that's normal. Even I also believe that it’s high-time for us to migrate to the next best thing Binance. Just surprised if Binace does offer USD pair like Bittrex, they would totally controlling the market. However, I’m looking forward to it.

[Conasse]

I am surprised some people are still using Bittrex after all their shady changes and their horrible support. Binance is a lot better

[richardsNY]

month ago when they broke their promises and changed their rules and also scammed thousands of users

Technically speaking, they (just like any other exchange) have the right to change their terms whenever they want, which in today's world shouldn't really be that surprising anymore. I however do understand people's frustrations because I was quite an active Bittrex user too, but they wasted it for me. Bittrex back in the days was just like Yobit is right now, an utter shitcoin exchange. If we look at all prior shitcoin exchanges, which Poloniex was part of as well, they all have messed up in the end. Once a shitcoin exchange, always a shitcoin exchange. We'll see how Bittrex's move to allow actual fiat trading will help them recover a bit or not.

[ridertiger]

I think I will use Midex after a while. They collected 22 million USD in their ICO and they will use HALF of that to create volume in their exchange. I do not think I saw any other exchange doing that.