• Bittrex, a popular cryptocurrency trading platform, announced it will cease operations in the U.S. as of next month due to regulatory uncertainty.
• All funds are safe and immediately available for withdrawal; trading is expected to continue until April 14, 2023.
• The U.S.’s unclear regulations have created an unfavorable business environment for the company.
Bittrex Ceasing US 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.
Unclear Regulations In The US
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 the present crypto regulations in the U.S. were rather ambiguous and had created an unfavorable business environment for them and other companies operating in this sector: “Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”
Funds Immediately Available For Withdrawal
Ironically, Bittrex’s sad announcement comes amidst the company’s celebration of its ninth anniversary; however they have assured their U.S customers that all funds are safe and immediately available for withdrawal before April 30th 2023 when operations will completely cease in USA due to these reasons cited by them above (regulatory uncertainty). Trading is expected to continue until April 14th 2023 although users have been advised to withdraw their assets from the platform before then if they wish too do so safely with no issues encountered while doing so .
Birttex Global To Continue Operations Outside The US
It is worth stating that this closure is restricted to onlyAmerica alone as Bittrex operations will continue in other countries via its other branch Bittrex Global which can be seen as a good thing since it still keeps them operational worldwide but just not within USA anymore .
Growing Concerns Over The US Crypto Space
It is no news thatthe US has been a rather crypto-hostile environment recently with regulatory bodies cracking down on severalcrypto exchangesand businesses , so this action taken by birttex might be seen as being smart & necessary especially given all these facts at hand .