• Bittrex, a popular cryptocurrency trading platform, has announced that it will be ceasing operations in the United States starting next month.
• This is due to the ongoing regulatory uncertainty surrounding the U.S. crypto space.
• Customers have been assured that all funds are safe and immediately available for withdrawal.
Bittrex to Cease U.S Operations
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. Ironically, Bittrex’s sad announcement comes amidst the company’s celebration of its ninth anniversary.
Funds Safe and Available for Withdrawal
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 Trading is expected to continue until April 14, 2023, although users are advised to have fully withdrawn their assets from the platform by April 30, 2023.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
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 the U.S were rather ambiguous and had created an unfavorable business environment: “Regulatory requirements are often unclear and enforced without appropriate discussion or input,” he said.” resulting in an uneven competitive landscape.”
Growing Concerns Over The US Crypto Space
It is no news that the US 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) have been particularly active shuttering fraudulent schemes & suspicious activities within US borders thus making doing business very difficult for reputable exchanges like Bittrex which prefer more transparent regulations
In conclusion it appears as if there is still much work needed before regulators can create friendly conditions which would balance innovation with security & safety when it comes to digital assets While we wait hopefully more clarity on these issues will come soon so that businesses can operate securely & customers can feel comfortable investing & trading cryptocurrencies