Cryptocurrency exchange HitBTC has come under fire recently with various reports of unscrupulous dealings. In light of the exchange’s reputation, the currency, Apollo‘s leadership has declined a potentially lucrative listing on one of the world’s top exchanges, announcing via a Tweet:
It has been confirmed that we will be listed shortly on @hitbtc, however, after much deliberation and for the security of our community we have decided to refuse this listing. Our decision is based on an overwhelming number of fraud allegations brought to us by users on HitBTC
Following the announcement, leader of the McAfee Alliance John McAfee, a cryptocurrency advocacy group working to unify players in the cryposphere, sounded his approval and support for the decision on Twitter:
Apollo Currency is the first organization to Boycott HitBTC at cost of nearly half a million dollars. If awards for supporting ant-corruption in the crypto world were given, they would win top prize. Do I hear a “next”?https://t.co/2FO8QNrIph
— John McAfee (@officialmcafee) September 8, 2018
McAfee also urged his followers to join the boycott of the HitBTC exchange, posting a video statement encouraging more transparent exchanges to list Apollo Currency on their platforms.
It is commonplace for exchanges to charge newly-minted cryptocurrency projects an exorbitant amount of money to be listed, in some cases the exchanges don’t even list the digital assets. HitBTC has in the past been reported by a number of currencies for what they claimed were extortionate practices. As a member of the McAfee Alliance, Apollo Currency, though approved for listing on the exchange opted to decline the listing in the process giving up their $400,000 deposit.
Apollo has reportedly also had difficulties with another cryptocurrency exchange, KuCoin.
With the current speculative climate in the digital assets market, the number of cryptocurrency exchanges an asset is available on the more exposure it enjoys, and by virtue of that, the higher the chance it has of it’s value increasing. This paradigm puts many projects at the mercy of exchanges, which, in some cases, puts the project as risk of being squeezed for money.
Apollo Currency’s decision to forego the listing undoubtedly sets a new precedent for the digital assests market and it remains to be seen the extent to which these developments will harm the exchange’s reputation.