Bittrex Exchange - What's going on?????

[dinga]

Received the following very disturbing message from Bittrex  "Ëffective immediately, you will no longer be able to deposit or withdraw fiat (USD/Euro) or connect a bank account to your Bittrex Global Account.  Don't worry though, you can still deposit, withdraw and trade BTC, ETH, USDT and 250+ other cryptocurrencies available on the Bittrex Global platform". 

 

Am very, very nervous - have expressed my displeasure direct to Bittrex and am awaiting an answer to how I can liquidate my account.

 

Anyone have any information on <deleted> is going on with Bittrex - and/or advice about what to do 

[ukrules]

40 minutes ago, dinga said:

Don't worry though, you can still deposit, withdraw and trade BTC, ETH, USDT

Your answer is in the question.

 

Buy some crypto and withdraw it, if you want to trade it somewhere then use a different exchange.

 

Sometimes it's easier and cheaper to open a new account on a different exchange and do the withdrawal directly to the new exchange, that way you don't even need to download the associated blockchain or install a wallet on your local computer.

 

Bittrex kicked me off years ago when they purged all the non Americans, since then I have never so much as looked at their website.

 

[dinga]

16 hours ago, ukrules said:

Your answer is in the question.

 

Buy some crypto and withdraw it, if you want to trade it somewhere then use a different exchange.

 

Sometimes it's easier and cheaper to open a new account on a different exchange and the withdrawal directly to the new exchange, that way you don't even need to download the associated blockchain or install a wallet on your local computer.

 

Bittrex kicked me off years ago when they purged all the non Americans, since then I have never so much as looked at their website.

 

Thanks - I survived the purge a little while ago, and decided to stick with Bittrex for reasons including their apparent security, ease of use and limited tax implications.

 

Appreciate advice about the following:

 

*  My account contained a reasonable amount of fiat (USD) at the time of this unilateral announcement.  It seems incredible that I am unable to now transfer those existing funds.

1.  Why would such a restriction be imposed? (is it likely to be due to liquidity issues?  If so, that would seem to be a huge red flag)

2.  Do you know if such restrictions are/have been used buy other exchanges?

3.  How can I obtain those funds?  Is the only way to buy USDT, transfer to another Exchange and then sell and transfer the cash to my bank account?

 

I'm a bit of a mug re. matters crypto, so also greatly appreciate further information about your suggested use of Different Exchanges  ie.

4.  Which different exchanges do you suggest that I can use for "the withdrawal directly to the new exchange, that way you don't even need to download the associated blockchain or install a wallet on your local computer".  Ease in opening a new account, and a tax friendly location would be much preferred (I'm a Thai resident so I think that excludes any Thailand-based Exchange).

 

Thanks!.

  

[dinga]

AN UPDATE!

 

As a result of nervousness about the health (or otherwise) of Bittrex, I managed to setup an account with KRAKEN - a relatively easy & painless thing to do on the keyboard.

 

Next - Where possible, I transferred existing Bittrex Crypto holdings direct to my KRAKEN account.  Other Crypto and Cash holdings were converted to USDT, and then transferred to KRAKEN.  USDT holdings were then sold for USD fiat.

 

After establishing a new Custody Account with ETANA (also relatively easy to do) and having that account linked to my bank account, USD fiat was transferred from KRAKEN to my Bank Account via ETANA.

 

Overall, a bit of rooting around but well worth it as I have secured my fiat Cash and am now far more comfortable with the security of my remaining Crypto.

 

Perhaps this story may help someone else (hope so!)

BRs

Edited April 20, 2021 by dinga