Bittrex Global, Bittrex’s European digital asset exchange partner, revealed on May 5, 2020 that it will be issuing an exchange token next month.
Founded in October of last year and based in Liechtenstein, the cryptocurrency trading platform has been built using the same technology stack as the US-based Bittrex platform. However, Bittrex Global aims to serve international virtual currency traders.
As noted on its official website:
“Bittrex Global is based in Liechtenstein, placing it at the heart of Europe’s financial system. We operate within the framework of the proposed Transaction Systems Based on Trustworthy Technologies Act (“The Blockchain Act”), a [new] regulatory system currently awaiting approval.”
Bittrex Global is responsible for maintaining its own global operations, which includes a compliance team to ensure appropriate AML/KYC guidelines are being followed.
The Bittrex Global team confirmed via Twitter that they will be listing a “Bittrex Global Exchange Token.” Details regarding the new exchange token have not been shared.
Bittrex Global’s management appeared to suggest that it has faced regulatory challenges, which included issues with launching an exchange token.
The exchange’s website cannot be accessed by US-based traders. Bittrex clarified that its new token would not be available to US residents.
Crypto exchanges Binance and Huobi have their own exchange tokens, but they are not US-based trading platforms, which is why they might not have had to deal with as many regulatory issues.
In March 2020, Bittrex added credit card support, conditional orders on mobile and a referral program through which customers can earn rebates by inviting new users.
As mentioned on its website:
“Bittrex Global’s trading platform is designed for individuals who seek a best-in-class experience. With [fast] trade execution, dependable digital wallets, and [good] security practices, we’ve created an exchange that [aims to] lead the blockchain revolution.”
Despite the company’s recent efforts to market its products to a user base, its market share has fallen significantly during the past year. The exchange’s share of the crypto trading market fell from around 3.5% in early 2019 to only about 1% (at present).