Would you still do business with them?

[kotajikikox]

On May 8th the crypto community was greeted with the news that Cryptocurrency exchange Bittrex filed for bankruptcy. It was one of the biggest crypto exchanges to exist before Binance. It joins other crypto exchanges like FTX, platforms Celsius Network, Voyager Digital, Three Arrows Capital and BlockFi that filed for bankruptcy in 2022. Unlike FTX, Bittrex informed her customers to withdraw their funds before April 30th and even those who didn't would still be able to get their funds back in full.

In April, Bittrex told its U.S. customers to withdraw their funds by Apr. 30, when the company shut down its operations, according to its website. For customers who didn’t withdraw by the end of last month, Bittrex said on Apr. 8 that their funds "remain safe and secure” and that its top priority is to ensure that they are made whole.

I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.

. https://www.thestreet.com/investing/cryptocurrency/big-crypto-exchange-goes-bankrupt#:~:text=Besides%20FTX%2C%20platforms%20Celsius%20Network,BlockFi%20went%20bankrupt%20in%202022.

Never used Bittrex since day one because it has a high fees compared to other exchange that I am using , so asking me if I will still do business? nope and never .
and filing for bankruptcy ? does this mean Binance will be sooner the biggest crypto exchange we will ever use?

I've also never used Bittrex before, even though I know it's an exchange that predates Binance. But I think OP's question isn't just about Bittrex filing for bankruptcy, what he's asking is an exchange declaring bankruptcy, and if they come back, are you confident enough to keep using them?

I think it depends. If it were FTX, I would never do business with them, even if they pay investors and go online again. But in the case of Bittrex, it will be very different because they have notified us in advance to withdraw the assets. They have no intention of scamming us so there is no reason to reject them if they are online again.

for me? even if it is FTX but they already filed for bankruptcy ?  my confidence about their site and their legitimacy is already damage things that may turn me from never doing business or using that exchange.
and even if this is Binance , nope not to use them again as there are lots of option that I can use .

[tjtonmoy]

As long as it gets my job done, I will use it. I keep my assets in a private wallet and not in any centralized exchanges. When I do need to use it, I deposit the amount and then do my work. After that is done, I will immediately withdraw my funds to my personal wallet.
But sometimes past performance does matter. History tells us more about something than we can imagine. So it's not surprising if people won't trust them again to do business with them. It comes from trust and reputation. And people's willingness to use it.

I don't know about others, but as I said - I will use it as long as it is giving better service than other platforms and getting my job done. But one's success depends on public reach. Creating a good reputation again from ground up will be tough. One mistake could lead them to their doom. So that's the risk we will have to keep in mind too. Also, there will always be better option available. So the answer is still uncertain. But for me, the answer is already given

[Reatim]

Exchange like Bittrex and other mentioned exchange had served the cryptonians for years back then and yes they are the most trusted in their days but business need to an end as there are no permanent in this world.

Asking me if I will still do business with them? of course if happens that they gain the business back so why not?

[KiaKia]

Bittrex did something that I expected Binance exchange to do if they are out of funds or they plan to go bankrupt, doing this have earned them a bug reputation and if someday they decide to come back I will gladly use their service still.

I heard that FTX is getting back on it's feet, after a new CEO takes over, I heard they get some lost funds back as well, but there is a rumor that Sam is still involved with FTX, this will make people stay away because they ruined their reputation to none left.

It will be easier to think that since Sam is still involved, the same thing can still happen again, so people can't trust them ever again, in FTXs case, what's spoiled can never be repaired.

[JoyMarsha]

When considering doing business with them, is it to keep my crypto assets on their exchange or engage in regular coin trading with them and take the proceeds right away? As for me, I can't retain my crypto assets on their exchange (I don't do that anyhow), but I can trade with them.

[Ale88]

I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.

I would never trust again an exchange that went bankrupt. Who can assure me that it's not going to happen again? If you go bankrupt you had a really bad management, at that point just start a new clean exchange. I feel like it would be like fixing a totaled car instead of getting a new one, why would you do that? How could you trust it?

[Poker Player]

I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.

Everyone should have a second chance, but in the case of businesses it should be accompanied by clear changes such as changes in the top management. In any case, to do business with a centralized exchange you should be very careful in general, even if the exchange has not gone bankrupt (yet, lol).

[Dr.Osh]

we know that there are several factors that cause the bankruptcy of a company, some of which are that they have lost trust or interest in consumers, and the other is that there are competing companies that offer better things than them.
in this case, crypto is still very successful today, so these companies have lost trust, interest, or even lost to their competitors. if they come back, they need to do better, as well as offer something better than before. in fact, while it's nothing special, I don't think people are going back there, or maybe just a little bit.
Until now, I'm quite comfortable using several exchanges, such as local exchanges, binance, and kucoin. if there are new or old exchanges that start operating again, I think I need something more than that until I try to use or re-use the products or services they offer.

[Marvell1]

I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.

I would never trust again an exchange that went bankrupt. Who can assure me that it's not going to happen again? If you go bankrupt you had a really bad management, at that point just start a new clean exchange. I feel like it would be like fixing a totaled car instead of getting a new one, why would you do that? How could you trust it?

But with Bittrex, they announced bankruptcy and asked their customers to withdraw money, what did they do wrong? This case is very different from what FTX has done, so we cannot say that all exchanges are not equally reliable. What Bittrex has done is appreciable, and if they do get back up and running, I'll support them, even though I've never done business with them before. For FTX, we should definitely stay away from them even if they return all investors and reopen. There has been some news saying that FTX is planning to come back, but I hope they return investors' money and never come back.

[RockBell]

Exchange like Bittrex and other mentioned exchange had served the cryptonians for years back then and yes they are the most trusted in their days but business need to an end as there are no permanent in this world.

Asking me if I will still do business with them? of course if happens that they gain the business back so why not?

Where is the confidence coming from, with exchanges, I know we can't do without them, but the fact that we use them, I don't trust them, they are volunteer to a lot of defaults, especially being hacked, or just disappearing so many things can happen, the issue of FTX shows why it is very risky to trust an exchange we should just, the only thing I can suggest you do is getting a secured wallet with your seed phrase properly saved and whenever you want to Run any transaction, all you have to do is send the amount you want to buy or sell on the exchange that is if you are selling and to your wallet if you buying.

[xSkylarx]

I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.

I would never trust again an exchange that went bankrupt. Who can assure me that it's not going to happen again? If you go bankrupt you had a really bad management, at that point just start a new clean exchange. I feel like it would be like fixing a totaled car instead of getting a new one, why would you do that? How could you trust it?

But with Bittrex, they announced bankruptcy and asked their customers to withdraw money, what did they do wrong? This case is very different from what FTX has done, so we cannot say that all exchanges are not equally reliable. What Bittrex has done is appreciable, and if they do get back up and running, I'll support them, even though I've never done business with them before. For FTX, we should definitely stay away from them even if they return all investors and reopen. There has been some news saying that FTX is planning to come back, but I hope they return investors' money and never come back.

that is really good move by Bittrex there's a lot of people was able to received emails to withdraw their funds which is a good sign that they really care on their users and they want that anyone can get their money back and not the same with FTX just running , for sure if FTX is back only couple of people will be back on their platform even they give back the money which we still don't know if when they can give it back but lets hope as a lot of people really affected on those and lose tons of money that they save for few years.

[livingfree]

In terms of a business related to money/finance and crypto, it's hard to trust them the second time around.

The fear will remain, there could be some words of acknowledgement that they deserve to be given a 2nd chance. But if your personal asset is involved, don't you think to give that to them?

Despite Bittrex has a big history on my crypto journey, better safe than never.

[Marvell1]

I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.

I would never trust again an exchange that went bankrupt. Who can assure me that it's not going to happen again? If you go bankrupt you had a really bad management, at that point just start a new clean exchange. I feel like it would be like fixing a totaled car instead of getting a new one, why would you do that? How could you trust it?

But with Bittrex, they announced bankruptcy and asked their customers to withdraw money, what did they do wrong? This case is very different from what FTX has done, so we cannot say that all exchanges are not equally reliable. What Bittrex has done is appreciable, and if they do get back up and running, I'll support them, even though I've never done business with them before. For FTX, we should definitely stay away from them even if they return all investors and reopen. There has been some news saying that FTX is planning to come back, but I hope they return investors' money and never come back.

that is really good move by Bittrex there's a lot of people was able to received emails to withdraw their funds which is a good sign that they really care on their users and they want that anyone can get their money back and not the same with FTX just running , for sure if FTX is back only couple of people will be back on their platform even they give back the money which we still don't know if when they can give it back but lets hope as a lot of people really affected on those and lose tons of money that they save for few years.

It seems that FTX's intention to return is serious, and as far as I know, their users will be compensated in the form of a new product from the company rather than the same assets that FTX took away. I don't know if the news I read is correct, but if it's true, then FTX sucks. This is an act of disrespect to customers, and with such a start, they will never have a chance to return to the market a second time. Mt.gox and FTX are the biggest stains on our crypto industry.

[ultrloa]

I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.

I would never trust again an exchange that went bankrupt. Who can assure me that it's not going to happen again? If you go bankrupt you had a really bad management, at that point just start a new clean exchange. I feel like it would be like fixing a totaled car instead of getting a new one, why would you do that? How could you trust it?

But with Bittrex, they announced bankruptcy and asked their customers to withdraw money, what did they do wrong? This case is very different from what FTX has done, so we cannot say that all exchanges are not equally reliable. What Bittrex has done is appreciable, and if they do get back up and running, I'll support them, even though I've never done business with them before. For FTX, we should definitely stay away from them even if they return all investors and reopen. There has been some news saying that FTX is planning to come back, but I hope they return investors' money and never come back.

that is really good move by Bittrex there's a lot of people was able to received emails to withdraw their funds which is a good sign that they really care on their users and they want that anyone can get their money back and not the same with FTX just running , for sure if FTX is back only couple of people will be back on their platform even they give back the money which we still don't know if when they can give it back but lets hope as a lot of people really affected on those and lose tons of money that they save for few years.

It seems that FTX's intention to return is serious, and as far as I know, their users will be compensated in the form of a new product from the company rather than the same assets that FTX took away. I don't know if the news I read is correct, but if it's true, then FTX sucks. This is an act of disrespect to customers, and with such a start, they will never have a chance to return to the market a second time. Mt.gox and FTX are the biggest stains on our crypto industry.

They are serious because crypto exchange business is a big deal. They already see how big the money came in into their platform that's why they maybe think about to revive back their operation. But the question to be ask there is does the old FTX user could trust them again? since for sure they already done with them and don't want to experience another round of scamming. Maybe they can accumulate those new but they will never restore back the trust of people especially those who lose a lot of money on their last activity made.

[Wend]

In terms of a business related to money/finance and crypto, it's hard to trust them the second time around.

The fear will remain, there could be some words of acknowledgement that they deserve to be given a 2nd chance. But if your personal asset is involved, don't you think to give that to them?

Despite Bittrex has a big history on my crypto journey, better safe than never.

What is the reason why you no longer trust them when they have declared bankruptcy and everyone's assets are safe? What they have done is something to be cherished, and we should thank them instead of turning our backs on them. But as far as I know, Bittrex is still operating normally, and they only announced the closure of the US market. So, for those who are using Bittrex but not in the US market, there is no need to worry.

[bayu7adi]

The foremost consideration for me is the primary reason behind their declaration of bankruptcy.

There are several reasons that are no longer acceptable when they emerge under different names. For instance, bankruptcy due to the misconduct of developers or an unfair business approach by the team. Or instances of fraudulent activities between the owner and users. Or anything related to the tarnished reputation of the exchange platform.

However, there are also some reasonable and acceptable reasons when they resurface. Such as the failure to adapt to technological advancements or mismanagement caused by an incapable team member. These issues can still be acknowledged and rectified in a new platform.

[Marvell1]

...

They are serious because crypto exchange business is a big deal. They already see how big the money came in into their platform that's why they maybe think about to revive back their operation. But the question to be ask there is does the old FTX user could trust them again? since for sure they already done with them and don't want to experience another round of scamming. Maybe they can accumulate those new but they will never restore back the trust of people especially those who lose a lot of money on their last activity made.

Maybe you are right because the profits from this industry are huge, no one wants to miss such a big piece of cake. If they are really serious, then returning the entire assets to the old users and offering great incentives is definitely a priority. Because this is the only way for them to regain the trust of the people and the market. I still think there will still be some investors who continue to be loyal to them because people quickly forget everything and just give them a little profit, they will forget the past.

I'm fortunately not a victim of FTX but even if they come back and get stronger, I won't believe them. They have been dishonest in trying to deceive investors in the past, and there is no guarantee that it will not happen again. Moreover, they are not the only CEX in the market, there are more reliable options for us to choose from.

[livingfree]

In terms of a business related to money/finance and crypto, it's hard to trust them the second time around.

The fear will remain, there could be some words of acknowledgement that they deserve to be given a 2nd chance. But if your personal asset is involved, don't you think to give that to them?

Despite Bittrex has a big history on my crypto journey, better safe than never.

What is the reason why you no longer trust them when they have declared bankruptcy and everyone's assets are safe?

The topic is about if they ever go back and register somewhere else and tries to operate again and that's why, everyone is saying that they will not trust them anymore so do I.

What they have done is something to be cherished, and we should thank them instead of turning our backs on them.

Yes, they've been part of our lives for a very long time but that's it.

But as far as I know, Bittrex is still operating normally, and they only announced the closure of the US market. So, for those who are using Bittrex but not in the US market, there is no need to worry.

Yeah, and this is for most crypto exchanges in the US that are filing their closure on that location because of regulatory pressure.

[irhact]

What is the reason why you no longer trust them when they have declared bankruptcy and everyone's assets are safe? What they have done is something to be cherished, and we should thank them instead of turning our backs on them. But as far as I know, Bittrex is still operating normally, and they only announced the closure of the US market. So, for those who are using Bittrex but not in the US market, there is no need to worry.

Some individuals are funny, they'll prefer to trust a company that scammed them then rebrand with another scam and they'll still patronized that project and buy their tokens which is what most developers are doing with altcoins. They create new ones based on what's been hyped in the market like with memecoins and when it's not getting any hyped again they close the project or abandoned it to create a new one.

Bittrex didn't scammed anybody they made sure they kept all their customers safe and that behavior has to be applauded because many projects and exchange in the market can't do what Bittrex did. They have shown that they can be trusted and if they comeback in future I would consider using their exchange instead of the new ones that doesn't have any reputation.

[Sanitough]

I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.

Everyone should have a second chance, but in the case of businesses it should be accompanied by clear changes such as changes in the top management. In any case, to do business with a centralized exchange you should be very careful in general, even if the exchange has not gone bankrupt (yet, lol).

Yes, I do believe that everyone deserves a second chance even when it comes to our money and investment as long as we also see some positive changes that is going to take place. But regardless if an exchange is highly reputable or not, the fact that it’s centralized means we don’t have the full control of our investment anymore, then we should take extra careful and caution when doing business with them. And of course, by putting only a small amount of coins at an exchange, we are minimizing the risk of losing.