Business

Steve Kaaru

Bittrex lowers USD market fees, announces expansion to Euro markets

Bittrex has announced they will lower fees for U.S. dollar markets. Making the announcement in a blog post, the cryptocurrency exchange also revealed that it would be expanding into Euro markets in the summer.

In celebration of the updates, the exchange lowered its fees for USD markets for one promotional month. The month began on June 3 and ends on July 3, after which a new fee schedule based on a user’s volume will apply.

The exchange announced that it had lowered the maker fees all the way down to 0 and the taker fees down to 0.15%, a 100% and 40% reduction respectively. Accounts that have generated $30,000 or more in trading volume in any month on Bittrex qualified automatically. The new rates are available for users on both Bittrex.com and Bittrex International, the exchange revealed.

Users who have not generated the required volume can also qualify for the rate reduction if they expect “to have a 30 day run-rate of $30,000 or more in volume across any markets at Bittrex.”

Bittrex said that it had notified every qualified customer via email about the promotion. The exchange also announced that Euro markets were coming to its platforms in the summer. This would allow fiat trading in Euros for its customers for the first time ever.

The announcement comes just days after the exchange announced that it would cut off U.S. traders from trading in 32 digital assets on its platform. They include QTUM, STORJ and ADT. The exchange didn’t give a reason for its decision, but it most likely had something to do with local regulations. Bittrex also cautioned its U.S. customers that it could deny them access to even more coins in the future. However, the exchange continues to offer these tokens to its non-U.S. customers.

The exchange has also been caught up in a feud with the New York Department of Financial Services (NYDFS). The regulator refused to grant the coveted BitLicense, which allows you to conduct operations in the state, to Bittrex. It claimed the exchange hadn’t met its requirements. Two weeks later, the NYDFS wrote a detailed post revealing that Bittrex had failed in multiple tests such as transaction monitoring which the regulator deemed not to be robust enough.

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