Russian traders “outside the law” for Bittrex exchange updates terms of service

Russian traders “outside the law” for Bittrex exchange updates terms of service

3 February 2018 Bittrex cryptocurrency has published a new version of the terms of service and privacy policy on the exchange. All customers were sent a notification letter, which we decided to share with you:

“As an existing customer Bittrex, we would like to inform you that Bittrex is updating the terms of service and privacy Policy. The changes will come into force on Friday 9 March 2018.

Our user base has grown significantly over the past year, and we are pleased that there were so many new people and companies using the Bittrex platform and its services. As our community continues to grow, it became necessary to update our terms and conditions.

You can view them at the link: https://support.bittrex.com/hc/en-us/articles/3600…

The new terms include a number of improvements over the previous version, for example,the answers to some common questions or customer service and explaining your rights and our obligations to you.

Thank you that you are a valuable member of our growing community.

The Bittrex Team”

What are these new conditions and what might be the implications of these changes? Let’s deal.

The first of the updates that immediately caught my eye:

  • You may not use the services Bittrex , if you are located in or are a citizen or resident of the state or other jurisdiction embargoed by the United States of America. There is quite a reasonable question is whether this prohibition of citizens of the Russian Federation?

Telegram is one of the major channels on the topic of cryptocurrency has interpreted this as a direct need for Russian traders to move their tokens to other exchanges until March 9:

We pay attention to our Russian subscribers to the new policy Bittrex. Put your money on Binance or Bitfinex until March 9

The second thing you should pay attention:

  • Bittrex, at its discretion, has the right to request additional identification your identity and to conduct any other audit procedures in relation to you or your transactions associated with your account Bittrex. You may be required to provide Bittrex with certain personal information, including your name, address, telephone number, email address, date of birth, taxpayer identification number, national identity number, picture of your ID card of the state sample and information about your Bank account. You hereby authorize Bittrex directly or through a third party to perform any queries that Bittrex considers necessary to validate your identity and / or fraud protection. You also authorize a third party, where such queries can be directed to provide all necessary information. During these checks your account Bittrex is not responsible for any permanent or temporary lack of access to services of the exchange, including the lack of the ability to output tokens or to make transactions.

But the greatest indignation of representatives of the U.S. cryptocurrency community called point No. 18, which, in fact, you waive your right to sue the exchange in court on his behalf, and to participate in a class action. Judge for yourself, for the benefit of the new changes or harm, but the reaction of users is very clear:

“I don’t even know are these claims actually legitimate! But it’s definitely worth considering as a warning and stay away from this exchange. If your favorite coin is only sold on Bittrex, make sure that this exchange will be a minimal amount.”

We encourage you to familiarize yourself with the new terms of use cryptocurrency exchange Bittrex.

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