Barred from entry! Exchanges Binance, Bitfinex, Bittrex Say No to New Users
After banning customers from depositing money, exchanges have started taking any new users on their website.
With the surge in the price of cryptocurrencies following new year celebrations, demand has reached the point where cryptocurrency exchanges have struggled to cope up. Due to this massive influx of users, these exchanges have been forced to undergo major infrastructure changes and that has lead to the closure of registration on their portals.
According to some numbers provided by these exchanges, last half of 2017 saw a record number of user signup. Binance reported the addition of 250,000 users per day, Coinbase has had days with 100,000+ user signups and Kraken boasts of 50,000 new users per day.
The incredible growth of cryptocurrency users has shaken up the infrastructure of many cryptocurrency exchanges, with a few experiencing major usability issues throughout 2017. Bittrex is one of the first exchanges that has put a hold on new users interested in signing up with them. Back in December 2017, an alert from this US-based exchange reads:
“We have received an enormous number of new account registrations over the past few weeks.”
In addition to Bittrex, two other platforms had to make a similar decision – Bitfinex and Binance. New signups to Bitfinex will be welcomed by a window stating that new account creation has been paused.
Part of the message reads:
“Thank you for your interest in opening a Bitfinex account. However, due to extraordinary demand, new account creation has been temporarily paused.
Bitfinex focuses on serving professional traders. The reason we have decided to temporarily stop accepting new accounts is that we cannot undermine the quality of our services for our existing traders by flooding the system with new, small accounts.”
Binance has also had to stop new registrations while undergoing an infrastructure update. While Bittrex and Binance have not given a timeline for reopening new account registrations, Bitfinex has promised to allow signups starting January 15, 2018.
A lot of people have been facing issues on these platforms:
Big trouble on binance. After sold some trx to btc I got 1.7 btc in my wallet but when I want to trade it or even withdraw binance said that I’ve no found in my wallet #binance pic.twitter.com/mcvf3HxclF
— rinaldi julien (@julienrinaldo) January 8, 2018
Some have been reported to even make losses because of overload these exchanges are facing.
— NaijaCrypto (@NaijaCrypt0) January 8, 2018
It’s crypto! It’s revolution!