It’s been a roller coast of emotions for the Safex community the past 72 hours. I’ve seen a lot of questions raised on Twitter, Reddit and Discord lately by many concerned Safex holders.
I intend to use this post as resource for anyone who wants to keep abreast of the Bittrex situation. It might be an idea to bookmark this page or follow us on Twitter for the latest information.
Any additional information added after the initial publish date will be added bellow with the appropriate timestamp.
UPDATE 13/12/2017 – Daniel publishes update on the official Safex Forum – Read Article.
What we know so far
Bittrex decided to delist Safex from their exchange – no official explanation has been made yet but the general community consensus is that they consider it a Security.
Daniel Dabek has issued a public statement for the community and submitted this statement to Bittrex, which argues that Safex should not be considered as a Security.
There has been no public response from Bittrex with regards to why they are delisting Safex.
Daniel has confirmed that he is attempting to communicate with the Bittrex team to come to some form of resolution.
Regarding the other exchanges
Daniel has acknowledged that many in the community have recommended Binance and will be investigated what is required to join. Where this fits in with the overall timeline is unknown.
It was confirmed once again that there are discussions about joining two new exchanges in the coming months. One based in Serbia and one in Poland.
Safex is still listed on Cryptopia. It might be worthwhile creating an account as it only takes a few minutes to do so.
Safex is also still being sold on Coinspot (great for our Australian friends!).
Regarding the wallet maintenance on Bittrex
I understand that there are a lot of concerned Safex owners who still have their coins in Bittrex and wish to transfer either directly to a Safex wallet or over to Cryptopia.
For whatever reason (whether it’s a conspiracy or just sheer coincidence we’ll leave that to Discord!) the Bittrex Safex Wallet is currently under maintenance.
It is unknown how long the wallet will be in maintenance for. Many are hoping that it’ll be before the 15/12/2017 delisting deadline.
Bittrex should allow at least 14 days after the delisting date to withdraw your Safex from out of their wallet.
Recommendations
It seems that no amount of support tickets, tweets and emails will affect Bittrex’s decision on removing Safex from their listings.
At this stage, plan your move (when possible) assuming the delisting will be going ahead. If you’re a trader or you’re looking to buy more Safex at it’s current incredibly low price, it’s recommended you create a Cryptopia account.
In the meantime, whilst waiting for the wallet maintenance to end, please check you’ve got your Bittrex account verified, otherwise you’ll face more roadblocks later on when you want to withdraw.
It’s wonderful to see such a positive and supporting response from the Safex Community as a whole.
Naturally, situations like this are bait for organized FUDDERS, leveraging the situation to drive the price down and buy in the dips.
You will hear a lot of accusations against Safex. Ignore them. The Bittrex situation is a small blip in the grand story of Safex. This has not halted plans for the release of the new website, white paper and future partnerships, mentioned in this week’s development update.
Excellent Rich great update.
Thanks, Colin.
Thank you for this. I’ll feel Much better when my safex is in the safex wallet and off Bittrex. This black cloud of FUD is definitely affecting me. I refuse to sell though. Holding strong as I belive in the project.
Always an intelligent, balanced and objective view from you Rich, nice one. As you say, leave the conspiracy theories to Discord!
Safex is on a very exciting journey over the next few years and I feel privileged to be a part of it with the rest of you. This is a minor blip that should only concern day traders, not hodlers.
I bought 420,000 safex many months ago, and added another 100,000 during all this bittrex nonsense. I believe that Daniel and the team are working their butts off on the chille block chain and the whole concept. They don’t need gripping-ass individuals demanding explanations or needing the team to dry their crying eyes or calling them names, etc. every time something goes a little south. Damn the torpedoes, full speed ahead! Today Eastern Europe, tomorrow the world! Safex hodlers unite!
Bittrex is very concerned about the SEC crawling up their butt. The SEC has been trying to do arms-length warnings to USA exchanges and make sure they don’t enter the securities field. BITTREX just hired three people to make sure that doesn’t happen. So, for them to “believe” that SAFEX might be a security, they must have something tangible (maybe an obscure USA law that we’re not aware of).
If I’m the guy in the middle just passing money back and forth, and taking a cut each time (which is what an exchange is) I wouldn’t simply cut off a revenue stream without extreme consideration. Has Bittrex cited what portion of the SAFEX operation bleeds over into the securities arena?