• Bittrex, a popular cryptocurrency trading platform, has announced that it will be ceasing operations in the United States beginning next month.
• The decision was made due to the ongoing regulatory uncertainty surrounding the US crypto space.
• Bittrex’s CEO expressed that U.S. crypto regulations were ambiguous and had created an unfavorable business environment for them.
Bittrex To Cease Operations In The U.S.
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.
All Funds Are Safe And Immediately 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 Trading is expected to continue until April 14, 2023, although users are advised to have fully withdrawn their assets from the platform by April 30, 2023.
Bittrex’s CEO Comments On Regulations
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.
Growing Concerns Over The US Crypto Space
It is no news that the U.S has been a rather crypto-hostile environment recently with regulatory bodies cracking down on several crypto exchanges and businesses.
Conclusion
In conclusion, it appears that Bittrex is taking a step back from operating in an uncertain US cryptocurrency market and will instead focus on its global branch where conditions appear more favorable for doing business within this sector