With the rolling price of cryptocurrencies, demand has reached the point where cryptocurrency exchanges are completely flooded. This enormous invasion of users has led to major infrastructure concerns leading to the provisional closure of their registration portals.
All through the second half of 2017, record numbers of the user have signed up with digital currency exchanges. Binance reported the addition of 250,000 users per day while Coinbase has reported 100,000+ signups by the users and Kraken boasts of 50,000 new users per day.
Halt
The implausible enlargement of cryptocurrency users is overpowering the infrastructure of many cryptocurrency exchanges, like Kraken facing foremost usability troubles all over 2017. The exchange has reacted by hindering some of its advanced order types, dropping price accuracy and initiating a chief system refit.
Bittrex is one of the first exchange platforms that put a stop on welcoming new users. Back in December 2017, an alert from this US-based exchange reads:
“We have received a huge number of new account registrations over the past few weeks.”
In addition to Bittrex, two other platforms had to make alike decision – Bitfinex and Binance. New registrations to Bitfinex are redirected to a new window mentioning that new account formation has been suspended for a while.
Part of the message reads:
“Thank you for your interest in opening an account with Bitfine. However, due to the unusual requirement, new account creation has been momentarily stopped.
Bitfinex focuses on helping proficient traders. The reason we have decided to provisionally stop registering new accounts is that we cannot demoralize the quality of our services for our existing traders by flooding the system with new, small accounts.”
Binance has also had to stop registrations while enduring an infrastructure renewal. While Bittrex and Binance have not given a time period for reopening new account registrations, Bitfinex aims to allow signups starting January 15, 2018.
Ricky Makan is a venture capitalist and Crypto Enthusiast best known for pioneering the market for Digital Marketing. He is a Co-founder of Unkrypted, a platform which provides the latest news and information that helps understand everything about the ever-evolving world of digital currencies.