Bittrex, one of the world’s largest cryptocurrency exchange, plans to delist up-to 80 tokens by March 30, 2018. Bittrex is a US based exchange that controls 3% of the world’s coin trade volume attracting more than $177M of daily trade volumes at press time.
The platform is popular among traders. Bittrex offer 259 different cryptocurrency markets and their strict guidelines ensure traders have access to liquid tokens with operational wallets and secure blockchains.
Besides, there is safety of regulatory oversight by the US’s Security and Exchange Commission that demands registration before Initial Coin Offering exchange listing or delisting.
Tokens have Faulty Wallets and Non-Functional Blockchains
This pre-announcement is important for Bittrex’s token holders because once delisting happens they won’t be redeemable and transferable. Some of the tokens set for removal includes UFO, UNIT, UNO and others with failed wallets and/or non-functional blockchains.
Surprisingly, you cannot trace these coins even in common coin listing sites as CoinMarketCap. Experts consider these tokens as highly illiquid and without a vibrant community, there is little room for developments and or capital gains.
The exchange continues to take caution. In a press release, Bittrex said:
“These actions are taken to ensure customers have access to digital tokens that continue to meet our strict coin listing criteria and have a properly functioning blockchain and wallet. We will be removing the wallets included in the list below on March 30, 2018. Once these wallets are removed, we will no longer be able to recover these coins.”
Bittrex Fighting Pump and Dump Reports
Bittrex used to be the second largest exchange in the world. At peak, the average daily trading volumes was in the excess of $1B. Afterwards, deflating reports emerged that it was a got-to platform for manipulative pump and dump schemes. They are simply implementing their anti-manipulation protective measure since they have about 300 tokens available for trading.
Tokens, like these set for removal, are prone for abuse. They attract low volumes and any pumping effort can drastically cause prices to appreciate before unloading happens.