On Friday, December 1, 2017, the Bittrex exchange requested ChronoBank provide them with a completed listing application and legal opinion from a U.S. law firm to remain listed. It appears that Bittrex is doubling back on their early listed tokens in an attempt to obtain proper documentation for the listing of tokens. However, the notice requires submission of the requested documents by December 8, 2017.

After consultation of ChronoBank’s legal team with Bittrex’ legal team and receiving advice from two legal firms, it became apparent that creation and submitting of all required legal documents is not going to be achieved by the due date.

Although ChronoBank may have appealed the decision, we’ve decided to accept Bittrex’ delisting of TIME token. We feel that a bandage solution is not enough to fix SEC vulnerability, and we want to ensure legal compliance. Thus, we will take proper actions on our back end to eliminate issues such as this from ever happening again.

What Happens to the TIME Token on Bittrex Exchange After Delisting?

Delisting does not mean that TIME tokens will disappear or be worth nothing. It simply means that TIME is not going to be tradable on Bittrex anymore. You will still be able to withdraw it and send it to a different wallet or exchange.

We recommend moving it to a crypto wallet that supports TIME (like ChronoMint or My Ether Wallet).

Please note, that although TIME will be delisted from Bittrex, it is still trading on the other exchanges (Livecoin, Liqui, Lykke Exchange and HitBTC).

The Plan

The ultimate goal of the upcoming changes is to make TIME 100% legally compliant and to make sure that TIME is not threatened by any legal issues in the future.

This will be achieved by the following:

Updating the White Paper to reflect updated functionality of TIME and confirm it’s utility status. Please note that partnerships and mass adoption plans will remain unchanged, and the roadmap and development will stay on schedule. The only thing that will change is the utility status of TIME will be further illustrates.

Obtaining a legal opinion on TIME being designed as a utility from reputable law firm.

Re-List TIME token on Bittrex and list TIME on a few other exchanges with the updated set of documents.

Other exchanges

TIME is and will be a utility token with a full package of required legal documents. To be 110% sure that the legal opinion documents will meet all compliance requirements, we’ve decided to obtain it from two independent legal firms. This will significantly improve the process of addition to new exchanges.

We are planning to add TIME to the following exchanges:

KuCoin

Binance

OKEX

Once the white paper and legal documents are updated, we will also attempt to relist on Bittrex.

An extensive TIME introduction marketing campaign will increase awareness and draw attention to the TIME token. Promotion of TIME token to the new markets (Spanish-speaking countries and Asia).

Conclusion

We do understand that this is not the news people want to hear. However, we firmly believe that a new and fully legally compliant TIME will make ChronoBank stronger and more competitive, and it will help token holders (old and new) to achieve their desired results.

We also like to point everyone’s attention to the NEM cooperation and meet up that is due to happen on the ninth of this month. There we will be announcing something big on what Chronobank and NEM have been working together on for a while now.

We would like to thank everyone for their support and criticism. We do appreciate both, and we will give it our best not to disappoint.