This year, bitcoin’s price increased over 1,500%, even if we consider its recent dip from over $19,000 to $15,100 at press time. The cryptocurrency’s surge is partly justified by an inflow of new users that brought bitcoin exchanges to their knees. While some now offer degraded services, others seemingly decided to halt new user registrations to ensure quality standards.
Bittrex, a top cryptocurrency exchange with a $2.3 billion daily trading volume, says it received “an enormous number of new account registrations” over the past few weeks. As such, the exchange halted new user registrations to avoid suffering outages and offering a bad user experience.
The company’s blog post reads:
“Unfortunately, we have to make a few upgrades to our support and backend systems to handle the increased traffic and load. As such, we have halted new user registrations for the time being.
Users who wish to move to CEX.io are also out of luck. A blog post explains that every day an “enormous number of users” registers on the exchange, meaning its support and verification teams are under a lot of pressure. Given that this is creating all kinds of damaging rumors, the exchange decided to halt new user registrations.
Per its blog post, CEX.io will only open registrations once it can “guarantee a decent response time to each and every ticket or verification request.” To tackle the issue, the company will also be expanding its support team and adding new communication channels.
Bitfinex, another top bitcoin exchange with a $2 billion trading volume, has also halted new registrations. Those who try to create an account are met with the following:
Bitcoin exchanges on their knees
Bitcoin exchanges that haven’t closed their doors are struggling to cope with the number of users they now have. Exchanges like Poloniex and Coinbase are now known for offering a somewhat degraded customer support service. Coinbase even suffered outages amid trading frenzies triggered by bitcoin’s new heights, weeks after adding 100,000 users in a single day.
Kraken, a top European exchange, recently started upgrading its systems to handle the traffic it receives. However, Reddit users claim they’ve disabled verification processes, indirectly turning away new users.
Either way, Kraken still admits its struggling. A blog post reads:
“Unfortunately, we were not able to complete all of the upgrades and the most impactful measures are yet to come. For the time being, systems should still be considered degraded and unreliable. Our team is working through the weekend and holidays to accelerate our timeline.