Bittrex tackles European markets amid regulatory issues and falling market share

struggled over the last two years amid problems with regulatory compliance and declining market share. As a promotion, the exchange is lowering trading fees and adding Euro markets to expand reach beyond the U.S. This is the first of such promotions.

Regulatory woes

Bittrex’s market share fell from 30 percent in August 2017 to 2.4 percent in May 2019. The exchange has had difficulty complying with U.S. regulations and been forced to reduce its services for U.S. customers.

Bittrex recently announced it would be closing 32 of its markets to U.S. customers. On June 21, the markets will transition to Bittrex , the exchange’s platform for non-U.S. customers.

The York State Department of Financial Services (NYDFS) ordered Bittrex to cease operations in the state of New York last month after denying its application for a BitLicense. Regulators cited the exchange’s failure to address capital requirements and concerns with its procedures for KYC and AML compliance.

To Bittrex’s credit, U.S. companies working with and cryptocurrency have struggled as regulators have failed to provide clarity regarding the application of existing securities and accounting laws. The IRS finally offered guidance on the tax treatment of virtual currencies at the end of April, just weeks after the annual deadline for filing tax returns.

Declining volume

The U.S. cryptocurrency market has been losing ground to Asia over the past two years. to James Todaro, managing partner at Blocktown Capital, trading volume in the U.S. has lost a third of its ground relative to volume in other .

The lack of regulatory guidance has made it difficult for companies to gauge how existing laws may be applied and encourages new businesses to locate their operations elsewhere. Stifling innovation has given other countries a competitive advantage, as reflected in the decline of U.S. supremacy in cryptocurrency trading volume.

Promotional distraction?

The promotion offers 0 percent maker and 0.15 percent taker fees on USD markets to traders with at least $30,000 in monthly trading volume since joining Bittrex. Traders expecting to accrue $30,000 in volume can contact Bittrex to request inclusion in the program.

This promotion lasts until July 4 at 00:00 UTC. At that time, Bittrex will introduce a volume-based fee schedule for USD markets.

Source: Bittrex

Bittrex is listed at number 22 on CryptoCompare’s new benchmark for exchanges at the time of writing.

The post Bittrex tackles European markets amid regulatory issues and falling market share appeared first on CryptoSlate.


Source: cryptoslate
Bittrex tackles European markets amid regulatory issues and falling market share

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London Becomes the European Leader in Fintech Unicorn Startups

Coinspeaker
London Becomes the European Leader in Fintech Unicorn Startups

This news comes ahead of London Tech week, which is happening this week from June 10 – June 14. London Tech Week is an annual event which brings together entrepreneurs from all around the world to discuss the future and today of the ever-developing technology. They call it the world hub for tech and innovation.

Currently, the UK has 72 unicorn companies in total, and that puts Britain in the well-deserved third spot as the best ground for fintech startups. Additionally, London has 45 unicorn companies ( private companiy which is valued at over $1 billion) which are the biggest number in cities. The closest rival is Berlin with 10 companies, and Paris and Stockholm with 9.

London Has More FinTech Startups than San Francisco

Currently, 18 out of 45 unicorn companies in London are FinTech firms while San Francisco has 15. This comes as a game-changer as San Francisco has been the FinTech start-up world hub for years. However, the San Francisco Bay area has 31 more companies with a unicorn status. But if we compare the statistics in such manner, Britain also has at least 2 such companies in Oxford, Manchester, Cambridge, Leeds, and Edinburgh as well.

Moreover, the London FinTech startups include such companies as Revolut, Monzo, Metro Bank, MoneySuperMarket, and Funding Circle.

Also, an interesting fact is that London has about 75 more upcoming companies that are “on the path to unicorn status”, says the .

“Since 2012 the UK has produced as many unicorns as Israel, , the Netherlands and Sweden combined,” the research adds.

The UK Also a Leader on Venture Capital Investments

It appears that the United Kingdom is a European leader on venture capital investments as well. They have a record $5 billion expected in the first half of 2019 alone. As part of the London Tech Week, the UK Prime minister, Theresa May announce more than $1,2 billion of fresh investment from 13 tech companies. VMware, a software virtualization company which provides cloud computing and virtualization, lead the charge with an investment of over $1 billion in the next five years.

While it seems like the UK is on a very strict path to digitalization, with loads of success, they still stay humble in regards to resting on laurels. They are always calling for improvements in skills across all age groups. They are always hiring more young staff and particularly women into the economy.

“The UK continues to be at the forefront of digital transformation. At Microsoft, our work with start-ups and scale-ups confirms that the potential of the UK tech sector is growing daily,” said Cindy Rose, the chief executive of Microsoft UK. 

London Becomes the European Leader in Fintech Unicorn Startups


: coinspeaker
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