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Major Exchanges Stop New Registrations, Due To High Demand

Major exchanges stop new registrations

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Major Exchanges Stop New Registrations

Major exchanges stop new registrations, as a result of onslaught of new entrants! With the price rise in cryptocurrencies, demand has reached a point where cryptocurrency exchanges are completely swamped. This massive influx of users has led to major infrastructure concerns, leading to the temporary closure of their registration portals.

Throughout the second half of 2017, digital currency exchanges have posted record numbers of user signup. Binance is reporting the addition of 250,000 users per day, Coinbase has reported numerous days of 100,000+ user signups while Kraken registering 50,000 new users per day.

The incredible swelling of cryptocurrency-users has overwhelmed the infrastructure of many cryptocurrency exchanges. Whereas the likes of Kraken have experienced major usability problems throughout 2017. The exchange has responded by disabling some of its advanced order types, reducing price precision and initiating a major system overhaul.

Bittrex is one of the first exchange platforms that has put a stop on onboarding new users. Back in December 2017, an alert from this US-based exchange reads:

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

In addition to Bittrex, two other platforms had to make a similar decision – Bitfinex and Binance.

New signups button on Bitfinex site will welcome you with a window which states that "new account creation has been paused".

Part of the message reads:

“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 stop new registrations, as they are undergoing an infrastructure update.

According to the latest update from Binance: They will allow limited users registrations only through their old users referral program terms.

On the other hand Bittrex have not given any timeline for reopening new account registrations, but Bitfinex intends to allow signups starting January 15, 2018.