Hello and Namaste Everyone,
If you are holding your funds in the Bittrex exchange, pay attention to this news update because you need to take action. The exchange has announced that it will be winding down its operations. This is one of the biggest exchanges operating in different countries and finally, they have decided to close its operation which is primarily because of the ongoing regulatory issues in the US. Securities and Exchange Commission (SEC) has sued the exchange as they claimed this exchange is operating without proper approvals. SEC has been doing the same with multiple exchanges and even the cracking is one exchange that has been targeted by the authority recently. In the last six months, we have seen how the SEC has been working to target different crypto exchanges in the US and their approach has not been positive at all.
In this time when the market is in bearish mode it can be difficult for the exchanges to deal with legal issues as well as manage their operations. Finally, the exchange has given up and decided to close its operations. The global exchange will be closed on the 4th of December which is like we have left with only two weeks. This is big news and the exchange also shared the update on its social media handles and Twitter. It was a popular exchange in the last bull run and it had a good number of users. This is also the exchange that was offering the trading on stocks on the same platform along with the crypto so we can say it was an innovative exchange offering various services to the users.
It is important for us because hive is listed on the exchange and possibly people would be having their coins on the exchange wallet. It is suggested to take action as soon as possible and withdraw all the coins to another wallet or the exchange wallet whatever you like to do. I think we should not delay the action in such cases because you never know how things will be dealt with later on. This news is not good for the crypto industry but as a user, we should always take the proactive approach if possible to avoid any losses coming to us. The exchange is allowing the withdrawals and they have also asked their users to withdraw all their funds before the 4th of December 2023.
I never created my account on this exchange because I do not deal with most of the exchanges. I'm not a trader and I also don't get involved in more coins. Hive is my bigger crypto holding and that too I have in my wallet so I need not worry about the exchange. People say that keeping more funds in the exchange wallet is not reliable and even not recommended and I follow it. Whatever Hive I have is mostly on my wallet and it's powered up so it's secure. I think the wallet is the safest place for high keeping as hive power. It is important to keep an eye on the wallet so if something goes wrong then also the person will require 13 weeks. The people behind Hive have made it good that they made it 13 weeks of complete withdrawal. It is good from the safety point of view and I appreciate that I am part of a platform where safety and security are considered as the priority.
So if you are using Bittrex exchange and holding funds in the exchange wallet then please act accordingly and do the required action before it is too late. I wanted to share this update with the community so that nobody lose fund especially since we know that hive is listed there and many people might have it. Since I have no account in the exchange so there is no action due for me but, sadly, one of the popular exchanges is closing its business because of some ongoing issues in the industry in the US
Thank you so much
Stay Safe