Bittrex, a Las Vegas-based cryptocurrency exchange recently published its new terms of service that are expected to come into effect on March 9th. The exchange will officially prohibit residents of North Korea, Iran, Syria, and Cuba, and Crimean region from accessing its trading services. However, the Russian traders could be spared since the updated terms of service will exclude residents from countries still under the ‘economic sanctions’.
According to the new terms of service, the resident(s) of any state, country, territory or any other authority restricted by the US would be prohibited from accessing Bittrex trading services. The new rules came as a result of the major concerns about the sanctions that were imposed on the Russian Federation since 2014 that could block the Russian traders from accessing Bittrex trading services.
Last year, Yasser Ahmadi of news.Bitcoin.com lamented that Bittrex was closing trading accounts of the residents of Iran without considering the support requests from the affected clients. Instead, the company claimed that the Iranians do not a means to repatriate the funds held in their accounts. According to Ahmadi, Bittrex is using the fluidity of the cryptocurrency to manipulate the needs of people across the world for their own political interests, which is totally against what the blockchain system is all about.
Meanwhile, plans are underway to fork Zclassic (XCL) to create Bitcoin Private. However, over 93% of the ZCL are controlled by the Bittrex exchange, which has not yet commented on whether it would support the fork. As a result, the price of ZCL has drastically dropped a move that has angered its bagholders who have expressed their dissatisfaction with Bittrex’s slowness to act on the matter.
Bitcoin Private was first announced in December last year and since then; most traders have gradually accumulated the ZCL with anticipation that the coin would grow thus causing the surge in the price from $4 in December to over $200. It was assumed that Bittrex would support the fork since it has the power to influence the performance of the token, but it didn’t.