Kevin Helms
A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of economics and cryptography.
Crypto Exchange Bittrex Shuts Down US Operations Amid Regulatory Uncertainty – Regulation Bitcoin News
Cryptocurrency exchange Bittrex is closing its US operations due to “continued regulatory uncertainty” as US regulators increase their enforcement efforts against cryptocurrency trading platforms. Regulatory requirements currently “are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape,” Bittrex described.
Bittrex exits the US crypto market
Cryptocurrency exchange Bittrex announced the closure of its US operations on Friday. The exchange tweeted:
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 fully withdrawable immediately,” the announcement added, stressing that the shutdown does not affect non-US customers using Bittrex’s global platform.
Richie Lai, CEO and co-founder of Bittrex, explained: “It’s just not financially viable for us to continue operating in the current US regulatory and economic environment.” 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 noted that the last day users can withdraw their cryptocurrency is April 29. Also, the last day to send fiat withdrawals is April 24 at 5 p.m. PDT for wire and April 27 at 5pm PDT for ACH.
In the US, cryptocurrency companies face increased regulatory scrutiny as the Securities and Exchange Commission (SEC) prioritizes enforcement efforts. The SEC has targeted several crypto firms, such as issuing a Wells notice to Coinbase and reporting Kraken for the exchange’s betting program.
SEC Chairman Gary Gensler recently called for more funding for his agency to combat misconduct in the crypto space. He has claimed that all crypto tokens, except bitcoin, are securities. Additionally, the Commodities Futures Trading Commission (CFTC) has filed a complaint against Binance and its CEO, Changpeng Zhao (CZ).
What do you think about Bittrex shutting down its US operations? Let us know in the comments section below.
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