All users should be aware that the Bittrex exchange is currently registered in Seattle, Washington. At first glance, this may not seem like a problem at all. However, this is the same state where another well-known exchanger, Poloniex, began its work.
The exchange operated in this state until it was acquired by Circle, a subsidiary of Goldman Sach. After a change in management, Poloniex moved its headquarters to Massachusetts.
What's the problem?
On Monday, Bitcoinist reported that Poloniex “broke promises” to its customers by by implementing a new KYC policy (know your customer) regardless of whether the account uses USD or not.
This means that the withdrawal limit on Poloniex for anonymous clients has become $0, even if the client only traded cryptocurrencies. Therefore, your account can only be “reactivated” if you provide official identification. Simply put, your funds are now held hostage by the exchanger.
The exchanger has started sending emails to unidentified account holders notifying them of the changes in the following terms:
“Werequirethat all legacy Poloniex accounts be verified using the latest version of our verification portal [...].During the process, you will be required to provide an additional photo for verification, as well as aphoto ID cards.”
Yesterday, Bitcoinist reported that Bittrex confirmed an agreement with a New York bank that will allow its clients to buy Bitcoin with US dollars. The news was largely received positively by the crypto community.
The only question is when the moment will come when Bittrex users will receive such a notification from their exchanger by email. It is possible that their accounts will also be deactivated until identification and photographs are provided.
Moreover, experienced traders always advise not to keep large amounts of money in exchanger accounts, not to provide personal information to anyone, and to always keep keys with you.
This is why the author of the article believes that Binance is the best choice at the moment.
Why Binance?
It has quickly become the world's largest crypto exchange, and for good reason. Withdrawal limits are quite high. They also support trading pairs with many altcoins. They have a fairly strong security system, and most importantly, they are not registered in the USA. In fact, due to strong pressure from regulators, Binance changed its official residence from Hong Kong to Malta.
In the end, this is the author’s personal opinion. By all accounts, Bittrex is an excellent exchanger, and it supports many altcoins that are not supported on other exchanges. But if you do not mind sharing personal information with the owners of exchangers, then you should definitely use their platforms.
However, many of us value privacy and security above all else, and many of us think that a little healthy paranoia is not possible. will hurt in the world of cryptocurrency, where theft, fraud and risks are found at every turn.
According to bitcoinist
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