Bittrex Cancels RAID Token Sale, First IEO on the Platform Postponed Indefinitely
- The plan was for the RAID project to raise $6,000,000 through the Bill Shihara-lead exchange, using a platform similar to Binance Launchpad.
- RAID published their own statement, claiming that the decision to pull the IEO from Bittrex was theirs, in conflict with the previous announcement by Bittrex.
Those of us curious to see whether Binance competitors will bee successful with ICO launches on their own platforms will have to wait. RAID token IEO (Initial Exchange Offering) will not be happening on Bittrex after all, following a last-minute announcement by the exchange.
Then plan was for RAID project to raise $6,000,000 through the Bill Shihara-lead exchange, using a platform similar to Binance Launchpad. However, Bittrex cancelled the event, citing “significant changes in the business status of RAID” as the reason for the decision.
The main selling point of the token was a partnership with the OP.GG platform. However, it appears it was far from a done deal, as OP.GG have published the following statement on their website:
“OP.GG has stopped all potential business discussions related to RAID project and there will be no economic and technical cooperation with RAID coin. In addition, OP.GG has no intention of developing any blockchain related business utilizing RIOT GAMES data. OP.GG will take all possible legal measures against individuals or organizations disseminating false facts related to this. Thank you.”
RAID published their own statement, claiming that the decision to pull the IEO from Bittrex was theirs, in conflict with the previous announcement by Bittrex. Either way, the once promising gaming token has little left going for it, and investors on Cobak who participated in their previous sale were promised prompt refunds.
At the end of the day, the next exchange-based token sale will happen on Binance Launchpad again, as Celer will start it own crowdsale on March 19th, at 2:00 PM, UTC time. As for Bittrex, it is unlikely that this would be the last attempt to launch a competing IEO – but they will have to wait for higher quality projects to apply.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.