Business In News
- Bittrex has announced that it will wind down its U.S. operations next month.
- The crypto exchange has blamed the economic environment and regulatory uncertainty in the U.S.
- The exchange’s management will now focus on expanding its operations outside the United States.
- Customer funds are safe and will be available for withdrawal till 30 April.
Crypto exchange Bittrex has announced that it will be shutting down its operations in the United States next month. In a “bittersweet” announcement earlier today, the platform revealed that the unfortunate decision was taken in the month that it turned nine years old.
Bittrex cited regulatory uncertainty in the U.S. for winding down operations
According to a blog post from Bittrex, the crypto exchange has begun the process of winding down its operations in the United States. The exchange blamed the economic environment and the lack of regulatory clarity in the country for its decision. CEO Richie Lai stated that the current regulatory landscape made it unviable for the exchange to continue its operations.
Nine years later, the crypto ecosystem is very different. Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”
Richie Lai, co-founder and CEO of Bittrex
The exchange has assured its users about the safety of their funds. 7 April is the deadline for clients to set up their bank accounts for wire transfers. Trading on the platform will be suspended on 14 April 2023. All American customers have been asked to withdraw their funds by 29 April 2023. The U.S.-based operations will cease the next day.
The decision to shut down U.S.-based operations will have no effect on Bittrex Global, the entity which operates exchanges in other regions including Europe, Canada, and South America. These venues will continue to operate as usual. The exchange’s top management will focus on expanding its operations outside the U.S.