Cryptocurrency exchange Bittrex is shutting down its operations, including trading and investment services in the United States due to an environment of regulatory uncertainty.
On Friday, March 31, news hit the market that one of the largest and oldest crypto exchanges – Bittrex, founded in 2013, has officially announced it is in the process of “winding down its US operations.”
According to the statement, customers need not worry about their funds, all “funds are safe.” The exchange will continue to provide trading services until April 14, 2023, and all of its US clients will be able to withdraw their deposits before the beginning of May.
Although the wind-down in operations only affects customers in the United States, and customers outside the country are still able to access all of Bittrex services using Bittrex Global.
Seattle-based crypto exchange – Bittrex – remains ranked 30th according to Coinmarketcap, and its overall trading volume has surged 205% overnight to reach $28.3 million.
According to Richie Lai, co-founder and CEO of Bittrex exchange, the exchange has recently completed nine years. He shared his experience of his amazing journey with the crypto market so far.
Richie decided to close the US business after seeing today’s situation and the difficulties of surviving in the market. Also he added, “regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”
In recent months, US regulators have been increasingly imposing regulations and fines on cryptocurrency exchanges. For example, Coinbase exchange received a Wells notice from the US SEC a few days ago, and Kraken exchange was also hit with fines from the SEC.
On Monday morning, the largest cryptocurrency exchange Binance and its CEO CZ were also sued by the Commodity Futures Trading Commission (CFTC) for regulatory violation.
