• Bittrex announced that due to the ongoing regulatory uncertainty in the US, it will be ceasing operations in the US from next month.
• Bittrex has asked its US customers to withdraw their funds by April 30, 2023 and trading is expected to end on April 14, 2023.
• Richie Lai, Co-founder and CEO of the company stated that it was not „economically viable“ to continue operations in the U.S. due to the country’s current regulatory system.
Bittrex To Cease Operations In The United States
Popular cryptocurrency trading platform, Bittrex, has announced it will be ceasing operations in the United States beginning from next month. According to a post via their official Twitter handle, Bittrex states that this move comes as a result of the ongoing regulatory uncertainty surrounding the U.S. crypto space.
Users Advised To Withdraw Funds By April 30th
Ironically, Bittrex’s sad announcement comes amidst the company’s celebration of its ninth anniversary. The crypto exchange has assured its U.S. customers that all funds are safe and immediately available for withdrawal. Trading is expected to continue until April 14, 2023, although users are advised to have fully withdrawn their assets from the platform by April 30, 2023. It is worth stating that this closure is restricted to the U.S alone as Bittrex operations will continue in other countries via its other branch Bittrex Global..
Unclear Regulations Not Good For Crypto:Bittrex CEO
Commenting on Bittrex’s latest announcement, Richie Lai, Co-founder and CEO of the company stated that it was not „economically viable“ to continue operations in the U.S due to the country’s current regulatory system . He expressed that present crypto regulations in USA were rather ambiguous and had created an unfavorable business environment.“Regulatory requirements are often unclear and enforced without appropriate discussion or input , resulting in an uneven competitive landscape,“ he said..
Growing Concerns Over The US Crypto Space
It is no news that USA has been a rather crypto-hostile environment recently with regulatory bodies cracking down on several crypto exchanges and businesses . In particular ,the US Securities & Exchange Commission (SEC) has clamped down hard on activities such as initial coin offerings (ICO), digital asset securities ,and crypto derivatives .
Although many people remain optimistic about cryptocurrencies gaining acceptance within mainstream markets ,it remains uncertain how long this process may take . In any case ,this latest development highlights growing concerns over US regulations towards cryptos which could potentially stifle innovation within this space .