The big cryptocurrency exchanges can’t accept new users

Cryptocurrencies have become so popular lately that the demand for them has overloaded many cryptocurrency exchanges. Because of the massive influx of new users, some of the most popular exchanges like Binance, Bitfinex, and Bittrex have had to suspend new user registrations.

In the second half of 2017, cryptocurrency exchanges posted record numbers of user signups. Binance is reporting the addition of 250,000 new users per day. While Coinbase has reported numerous days of 100,000+ new user registrations with Kraken boasting of 50,000 new users per day.

This incredible demand for digital currency is overwhelming the infrastructure of many cryptocurrency exchanges; with some such as Kraken, experiencing 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 was one of the first exchange platforms that had put a halt on new users signups.  Back in December 2017, an alert from this US-based exchange said:

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

Bitfinex and Binance also had to make similar decisions. New signups to Bitfinex will be welcomed by a window stating that new account creation has been paused.

Part of the message says:

“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 has also had to cancel registrations recently, while doing an infrastructure update. While Bittrex and Binance have not given a timeline for reopening new account registrations, Bitfinex intends to allow signups starting on the 15 of January 2018.