The cryptocurrency exchange Bittrex has announced that it will end its operations in the United States due to the difficult regulatory and economic environment. The announcement came on the ninth anniversary of the platform, a bittersweet time for the company.
Due to continued regulatory uncertainty, we have made the difficult decision to wind down our US operations, effective April 30, 2023. All funds are safe and can be fully withdrawn immediately.
This does not affect customers of @BittrexGlobal https://t.co/MY4u7XLk9z
—Bittrex (@BittrexExchange) March 31, 2023
The co-founder and CEO, Richie Lai, shared that as the cryptocurrency ecosystem evolved, regulatory requirements have become increasingly “unclear” and “have been applied, without adequate discussion or input”, which has led to an uneven competitive landscape. This environment has made it financially unfeasible for Bittrex to continue its operations in the United States.
Thank you everyone…. pic.twitter.com/kq8nTRT0Aj
—Richie Lai (@richiela) March 31, 2023
The company’s founders have decided to focus on helping Bittrex Global succeed outside of the US. Bittrex clarified that US clients do not have to worry about the safety of their funds, as all their capital is safe and available for withdrawal. The platform shared that it will allow trading until April 14, 2023, but advised clients to withdraw all funds before April 30, 2023.
Founded in 2014 by three cybersecurity engineers, Bittrex offered features like full-service APIs, near-instant atomic transactions, wallet infrastructure, and offline cold wallet solutions.
The shutdown of Bittrex’s US operations is a reminder of the challenges cryptocurrency companies face in an uncertain regulatory environment.
On March 3, Ripple CEO Brad Garlinghouse warned that the Securities and Exchange Commission’s regulatory approach puts the US at “serious risk” of missing out on being an attractive hub for the next evolution of innovation. in blockchain and cryptocurrencies.
In a Bloomberg interview, Garlinghouse suggested that Cryptocurrency “has already started leaving” the United States because the country’s cryptocurrency regulation lags “behind” other nations such as Australia, Japan, the United Kingdom, Singapore and Switzerland.
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