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Game Over For The American Traders On Bitmex Platform?

Lorna Udinese

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For all the people who are trading on BitMex out of the United States it is time to close your positions withdraw your BTC and make sure your funds are safe and are not going to get confiscated. As BitMex is most likely is going to get investigated by the CFTC (the commodity and Futures Trading Commission) because they offer perpetual swaps and perpetual futures for it’s USA based customers which forces BitMex to be regulated by the CFTC.

There are some rumors that USA accounts will be closed and funds could actually get confiscated, so once again make sure if you are from the United States or from any other country where BitMex says they don’t offer their services there that you are not trading there and you’re withdrawing your funds to stay safe.

It is probable the vast majority of Bitmex customers are from America and it is probable Bitmex is fully aware of it, yet most probably, BitMex will get more aggressive because of the CFTC investigation and will ban all VPN IPs and proxy servers it’s USA clients might be using to access it’s platform. And it might even ask all of it’s users to do KYC.

According to tokenanalyst.io, the BitMex’s Outflow volume has increased by 357% in the last 24 hours which means traders are withdrawing their funds.

Bitmex outflow volume

BitMex and BTC Manipulation?

There are rumors that BitMEX is connected and closely working with whales to manipulate BTC and ETH unregulated markets. And BitMEX makes up to half of its revenue from liquidations.
The current market seems to be largely driven not by organic buying and selling, but by exchange driven manipulation of the spot market to exploit the current dynamics of leverage trading. Lately some users on Reddit started discussing if BitMex is trading against it’s clients to make profit.

BTC Manipulation

BitMex Alternatives?

ByBit Would be a better alternative to BitMex. It is not as big as BitMex but apparently it’s not under investigations (yet). Yes, ByBit dose not allow users from the United States to trade on their platform but there is always ways around that.

There are other leverage trading platforms such as Deribit and Primexbt.

Will BitMex shutdown?

I personally dont think so. Desipte all of the market manipulation rumors, BitMex is still a crypto icon, it has its own research team, which is one of the most competent research teams out there who publish researches and crypto studies regularly. Recently some Bitcoin (BTC) developers received $60,000 donation from BitMex.

Full time technology researcher. Lorna been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. If you have any questions or comments please feel free to contact her at [email protected]

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Exchanges

Bittrex is Banning Users From 31 Countries

June G. Bauer

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Bittrex international cryptocurrency exchange has annouced that it will not serve users from 31 countries by the end of this month. Traders who are using Bittrex International and reside in in Bittrex’s banned countries will lose all access to their accounts on Oct 29, starting at 19:00 UTC/21:00 CEST. The affected customers have until that then to withdraw their deposits.

Biitrex’s New List of Banned Countries:

Afghanistan
Egypt
Bosnia-Herzegowina
Botswana
Cambodia
Central African Republic
Democratic Republic of the Congo
Côte d’Ivoire
Ethiopia
Eritrea
Ghana
Guinea
Guinea-Bissau
Guyana
Iraq
Laos
Lebanon
Libya
Maldives
Pakistan
Sri Lanka
Somalia
Sudan
South Sudan
Trinidad and Tobago
Tunisia
Uganda
Vanuatu
Venezuela
Yemen
Zimbabwe

I think It is time to move to another cryptocurrency exchanges like Binance or any other Decentralized one, as most likely Bittrex will continue banning more countries.

About Bittrex

Bittrex is a U.S.-based digital asset trading platform that was founded in 2014 , providing lightning-fast trade execution, dependable digital wallets and industry-leading security practices. Our mission is to help advance the blockchain industry by fostering innovation, incubating new and emerging technology, and driving transformative change. Bittrex, Inc. is not a regulated exchange under U.S. securities laws.

Bittrex’s current weekly trading volume is $641,418,015

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Exchanges

Poloniex Making Big Changes

June G. Bauer

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Poloniex, the USA based cryptocurrency exchange announced it is spinning out from its parent company, Circle, and will shut off its U.S. customers.

Poloniex will operate as an independent entity that will be called  Polo Digital Assets, Ltd, and will be backed by an unnamed Asian investment group that plans to spend more than $100M developing the exchange to offer new features, services and assets to global customers . 

Poloniex’s US based customers will not be included in the spin out. US customers will no longer be able to trade starting on Nov 1, 2019, and they will have until at least December 15, 2019, to withdraw their assets.

Poloniex is a leading cryptocurrency exchange with monthly trading volume of $573,140,117. It was launched in 2014. The exchange charges low crypto deposit and withdrawal fees compared to other exchanges, and it currently supports 95 trading assets.

Circle acquired Poloniex for about $400 million in February 2018.

Circle says that they faced challenges as a US company growing a competitive international exchange, and Circle will double down on our efforts to build a more open, global and accessible financial system. This includes significantly expanding the services we offer that are built around USDC, the market’s fastest-growing fiat stablecoin, and expanding and growing SeedInvest, the largest equity crowdfunding platform in the United States.

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Altcoins

Binance.US Adds Dash Coin

Sying Tien

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Binance.us, the US division of the Chinese cryptocurrency exchange Binance, announced that it has listed Dash (DASH) coin on its platform. Dash trading will be available today at 9:00pm EST.

Currently Binance.us supports 14 coins: Bitcoin (BTC), Bat Toekn (BAT), Cardano (ADA), Bitcoin Cash (BCH), Binance coin (BNB), Ethereum Classic (ETC), Ethereum (ETH), Litecoin (LTC), ChainLink (LNK), Ravencoin (RVN), Stellar Lumens (XLM), Ripple (XRP), 0x (ZRX) and lastly DASH.

Binance.US, is a digital cryptocurrency marketplace for Americans operated by our local U.S. partner, BAM Trading Service.

Whats is DASH Cryptocurrency?

Previously known as darkcoin, is a cryptocurrency designed specifically for payments. Dash is a peer-to-peer decentralized electronic form of payment, which is free from centralized regulations, such as bank or government authority, and allows users to transact anonymously. This currency was inspired by cryptocurrency leader Bitcoin, but with a couple of major differences.

DASH/BTC Price Chart

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