Review and Update of First 30 Days Trading
22 JANUARY 2021
WIth the first 30 days of trading the Qoin Digital Currency behind us, BTX has now completed a review of the exchange including tech, customer service, processes and activity.
Firstly, we would like to say that from the overall feedback, we are satisfied with the outcomes achieved for the community dealing with BTX in its infancy. We have however identified a number of improvements across all areas. Additional staff in specific areas have already been recruited, no less than 5 tech improvements have already been implemented with more to come in the near future.
BTX is an AUSTRAC authorised (DCE) Digital Currency Exchange and hence has strict KYC (Know Your Customer), AML (Anti Money Laundering) as well as bank account verification rules to follow. There was great interest from Qoin wallet holders to join the exchange with over 6,000 new BTX accounts registrations in the first six weeks. Considering the stringent AUSTRAC requirements for KYC and Christmas holiday period, the BTX staff and systems were challenged to the highest degree.
Frequent adjustments are made to daily limits to sustain the longevity of the exchange whilst the buyer and seller volumes increase. It is important to understand that exchanges globally maintain sustainability of coin and token trading liquidity by adjusting daily limits. This is a common practice. With this review in mind, the daily limits will fluctuate more frequently based on buyers and sellers volumes. As the exchange continues to grow with buyers and sellers, these limits may fluctuate to reflect volume but it was important to update the community on the structure and movement of exchanges to better understand the positions taken. BTX, as a registered DCE has the right and obligation, as witnessed recently with exchanges globally, to implement changes and adjustments to daily buy and sell limits in order to protect the community.
In closing, we ask for your patience as an early adopter and pioneer member customer of BTX. We are only one month old and together we will continue to shape the future.
Thank you for your ongoing support.