Exchanges Exhausted: Cryptopia Halts New Registrants; Joins Binance, Bittrex, Bitfinex, CEX.IO

exhausted businessman

Cryptopia – the leading cryptocurrency exchange platform in New Zealand – is the latest to succumb to unprecedented volumes of user traffic, after yesterday having to indefinitely stop accepting new registrants. Explaining via their tweet that the huge volume of new registrants led to them being forced to adjust their system in order to adequately handle the growing number of visitors to their website.

Coming as a further blow to Cryptopia and its userbase was the subsequent news today that some trading markets have been put on halt because – according to this tweet“the trade engine cannot handle the number of trades occurring. Pausing markets = less trades happening… We don’t have an ETA.” The only remaining trading options are those virtual coins that pair with Bitcoin (BTC) and/or Tether (USDT), whilst pairings with NZed (NZDT), Litecoin (LTC), and Dogecoin (DOGE) remain disabled.

Whilst frustrating for current traders and wannabe Cryptopia members, this pause loomed as more or less inevitable given the enormous spike in site traffic experienced in recent times. As outlined in co-founder Rob Dawson’s timely, reassuring message, Cryptopia has grown from a lowly userbase of 30,000 this time last year to an staggering 1.4m users upon the time of writing.

The news out of Cryptopia mimics some of their biggest competitors, having also opted to temporarily pause new registrations in an effort to relieve the pressure on internal systems that such heightened web traffic has prompted.

On Friday, Binance – fast becoming the world’s premier crypto exchange – announced that:

Due to the overwhelming surge in popularity, Binance will have to temporarily disable new user registrations to allow for an infrastructure upgrade.”

So relentless is the demand, that Binance then revealed that users are dangerously taking to on-selling their Binance accounts at a mark-up to those that are temporarily unable to register with the platform.

Bittrex is another who – as of December 16 – “halted new user registrations for the time being”. In providing reasoning, the popular exchange cited the need to “make a few upgrades to [their] support and backend systems to handle the increased traffic and load.” For similar reasons, another world-leading exchange – Bitfinex – has also taken to disabling the creation of new accounts. They claim that such measures will be revoked no later than January 15. 

Even the long-serving, reputable CEX.IO crypto exchange has had to halt registrations of new users. On December 21, they revealed that the decision would stand until they could ensure a quick response to support tickets and verification requests.

Related posts