The Bittrex cryptocurrency exchange has Announced will close its operations in the United States due to the challenging regulatory and economic environment. The announcement came on the ninth anniversary of the platform, marking a bittersweet moment for the company.
Due to continued regulatory uncertainty, we have made the difficult decision to wind down our US operations effective April 30, 2023. All funds are safe and can be fully withdrawn immediately.
This does not affect customers of @BittrexGlobal https://t.co/MY4u7XLk9z
โBittrex (@BittrexExchange) March 31, 2023
Co-founder and CEO Richie Lai shared that as the crypto ecosystem has evolved, regulatory requirements have become increasingly "unclear" and "enforced, without proper discussion or input," leading to an uneven competitive landscape. This environment has made it financially unfeasible for Bittrex to continue its US operations.
Thank you all.... pic.twitter.com/kq8nTRT0Aj
โRichie Lai (@richiela) March 31, 2023
The company founders have decided to focus on helping Bittrex Global succeed outside of the US. Bittrex clarified that US clients do not have to worry about the safety of their funds as all their capital is safe and available for withdrawal. The platform shared that it will allow trading until April 14, 2023, but advised clients to withdraw all funds before April 30, 2023.
Founded in 2014 by three cybersecurity engineers, Bittrex offered features like full-service APIs, near-instant atomic transactions, wallet infrastructure, and offline cold wallet solutions.
Related: Elizabeth Warren is Lobbying the Senate to Ban Her Crypto Wallet
The winding down of Bittrex's US operations is a reminder of the challenges cryptocurrency companies face when navigating an uncertain regulatory environment.
On March 3, Ripple CEO Brad Garlinghouse warned that the Regulatory Approach of the Securities and Exchange Commission it puts the US at โserious riskโ of missing out on being an attractive hub for the next evolution of blockchain and crypto innovation.
In a Bloomberg interview, Garlinghouse suggested that the crypto industry "already started moving out" of the US because the country crypto regulation is โbehindโ other nations such as Australia, Japan, the United Kingdom, Singapore and Switzerland.
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