Binance, Bitfinex, Bittrex: No to New Users for Now

Due to the swelling price of cryptocurrencies, demands for it have reached a frantic point where cryptocurrency exchanges are deluged completely. This huge flow of users has led to serious infrastructure concerns that led to the temporary shutting down of their registration portals.

All throughout the second half of 2017, digital currency exchanges have registered an unprecedented number of user signup. Binance reported an additional 250,000 users per day.  For Coinbase’s part, several days of 100,000+ of user signup has been reported. And Kraken has boasted of 50,000 new users per day.

The Halt

The unbelievable surge of cryptocurrency users is overwhelming the infrastructure of numerous cryptocurrency exchanges, with many like Kraken having serious usability problems in 2017. The exchange’s solution to this is by disabling a number of its advanced order types, reducing price precision and starting a critical system overhaul.

Bittrex is one of the first exchanges to impose a stop on the influx of new users. An alert from Bittrex in December 2017 reads:

“We have received an enormous number of new account registrations over the past few weeks.”

Aside from Bittrex, two more platforms had to make the same decision.  These are Bitfinex and Binance. New attempts to sign up to Bitfinex, will lead to a window informing the user that new account creation has been paused.

A portion of this message says:

“Thank you for your interest in opening a Bitfinex account. However, due to extraordinary demand, new account creation has been temporarily paused.

“Thank you for your interest in opening a Bitfinex account. However, due to extraordinary demand, new account creation has been temporarily paused.

Bitfinex focuses on serving professional traders. The reason we have decided to temporarily stop accepting new accounts is that we cannot undermine the quality of our services for our existing traders by flooding the system with new, small accounts.”

Binance also had to put a halt on registrations while undergoing systems update. While Bittrex and Binance have not provided a date for reopening new account registrations, Bitfinex has scheduled to allow signups starting 15th January 2018.