Bittrex recently shared its plans to remove 82 altcoins from its exchange.
The reasons for removing these altcoins from the exchange’s listing vary according to Bittrex, which is one of the most popular U.S. based cryptocurrency exchanges.
The exchange mentioned that all of these altcoins that are to be delisted have either demonstrated non-fulfillment with Bittrex’s coin listing criteria or have non-functioning wallets or blockchains, which effectively render them unusable.
Bittrex specified that all of the altcoins that are to be delisted during this process will be removed no later than March 30, 2018. The exchange advised the holders of such altcoins to withdraw them from their wallets before the stated date, after which the altcoins will be irrecoverable.
The exchange also marked those altcoins with an asterisk (*) for users’ reference which have non-functioning wallets or blockchains and are thus unable to be withdrawn from their respective wallets. It was specifically mentioned by the exchange that this instance is not due to an issue with Bittrex’s platform, but with the wallet and blockchain of those altcoins themselves.
The complete list of altcoins that are to be removed from Bittrex’s platform is available here.
Why would bittrex take such a step of removing altcoins ?
The SEC’s statement had pertained to cryptocurrency exchanges which trade digital coins that would otherwise be considered as “securities”, in which case the SEC asked for such exchanges to either be registered with the organization as a “national securities exchange” or follow procedures to be exempt from such requirements.
Bittrex’s announcement, in response, had reassured the exchange’s customers that all of the coins being traded on its platform have already been vetted to ensure compliance with the SEC’s recently announced guidelines.
“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 securities.“ An excerpt from Bittrex’s statement specified.
However, the fact remained that the “digital token review process” which Bittrex mentioned was not a standardized process, and thus did not prove a definite claim of following requirements that had been rolled out by the SEC mere days before Bittrex’s statement came to light.
Therefore, this recent move by Bittrex to delist more than 80 altcoins now does not only refer to spring cleaning by the exchange, but it also seems that it is doing all it can to steer clear of any trouble by the SEC.
Bittrex removes altcoins: All part of spring cleaning
In regards to cleaning the recent fall in the crypto markets seem to be on par with stimulating further long term growth in the market, as the invisible crypto hands shake out the weak money and projects in the markets, while bringing the top notch players to light. In the recent week, we’ve seen strong improvements in regards to scaling for Bitcoin and Ethereum, in addition to each crypto member watching each of their projects complete or fall behind on their roadmaps, allowing them to make different decisions on where they should invest their crypto capital.
While, on another front, we’re seeing movement by exchanges, like this recent development by Bittrex, spurred on by the SEC, aiming to keep in line with regulations and sweeping away non functional projects.