Crypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty – On Friday, Bittrex, the cryptocurrency exchange, made an announcement regarding the closure of its U.S. operations. The exchange tweeted: “Due to continued regulatory uncertainty, we have made the difficult decision to wind down our U.S. operations, effective April 30, 2023.”
“All funds are safe and can be fully withdrawn immediately,” the announcement adds, emphasizing that the closure does not affect non-U.S. customers using the Bittrex global platform. Richie Lai, CEO and co-founder of Bittrex, explained: “It’s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment.”
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Noting that his trading platform turned nine years old this month, Lai opined: “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.”
Bittrex stated that users can withdraw their cryptocurrency until April 29, which is the last day for this service. Additionally, for wire, the last day to request fiat withdrawals is April 24 at 5 p.m. PDT and for ACH, the deadline is April 27 at 5 p.m. PDT. Due to regulatory scrutiny, cryptocurrency companies in the U.S. are facing increased pressure, with the Securities and Exchange Commission (SEC) focusing on enforcement efforts.
The SEC has taken action against various crypto firms, including issuing a Wells notice to Coinbase and filing charges against Kraken for its staking program. The SEC Chairman, Gary Gensler, has requested increased funding for his agency to tackle misconduct in the cryptocurrency sphere.
He has expressed his belief that all crypto tokens, except for bitcoin, are classified as securities. Furthermore, the CEO of Binance, Changpeng Zhao (CZ), and the company itself have been the subject of a complaint filed by the Commodities Futures Trading Commission (CFTC).