The concerns of users based in Russia related to the fact they will be incapable of accessing Bittrex services once the new operating conditions of the platform will be implemented have disappeared. However, starting with 9th March the company will prohibit citizens of North Korea, Iran, Crimea Region, Syria and Cuba from accessing the crypto exchange’s services.
On 3rd February 2018, the Las Vegas-based crypto exchange- Bittrex has revealed its new Terms of Service. These are going to be applied starting with 9th March 2018.
According to the Terms of Service, “citizen[s] or resident[s] of any state, country, territory or other jurisdiction that is embargoed by the United States” are unable to access Bittrex’s trading services.
Will Russian citizens be unable to access Bittrex?
By an unknown source, it was reported that the new conditions imposed by Bittrex could ban Russian citizens from accessing the crypto exchange’s services. Numerous traders have contacted directly the Technical Support Department to inquire about gossip that circulates inside the market. They have been ensured that none of Russian citizens will be affected by the new terms of service implementations.
Instead, the terms of service are excluding residents of “North Korea, Iran, the Crimean region, Syria, and Cuba” and any territory for whom there is “an economic sanction levied by the U.S. government”.
Bittrex’s services will be able to be used by users who are over 18-year-old and who meet the criteria of the Terms of Service. According to them, any person warrants that “are of legal age to form a binding contract (at least 18 years old in the U.S.); (b) have not previously been suspended or removed from using our Services; (c) are not identified as a “Specially Designated National” by the Office of Foreign Assets Control; (d) are not placed on the U.S. Commerce Department’s Denied Persons List; and (e) have full power and authority to agree to these Terms.”.
Using the Bittrex’s services may involve numerous risks and potential money losses. The company warns users via Terms of Service, enumerating the following risks that may have an external source of origin:
- Using any of tokens’ transactions may be complex and difficult to understand or evaluate;
- Tokens are vulnerable to attacks;
- Tokens may be cancelled, lost or double spent;
- Bittrex can suspend different transactions of crypto tokens that doesn’t meet the legislation in force;
- Bittrex doesn’t support metacoins;
- Any token is subject to the devaluation;
- Bittrex doesn’t take responsibility for lost tokens in case they were sent to the wrong address;
- Some orders may be lost during transmission.
Bittrex is an influent crypto exchange. Once the new Terms of Service come into force, all users are asked to take note of them, respectively to respect them. They are warned of possible changes, so the advice is to consult the terms frequently.