Next month, Bittrex will cease operations in the United States
Bittrex, a cryptocurrency exchange, will close down its U.S. platform on April 30 after nine years of business. The company took notice of an uncertain regulatory and fiscal climate in the country.
Ritchie Lai, co-founder and CEO of Bittrex, said in a statement, “It’s just not economically feasible for us to continue operating in the current U.S. regulatory and economic environment.” He added, “Regulatory requirements are frequently ambiguous and enforced without proper discussion or input, resulting in an unfair competitive landscape.” Operating in the United States is no longer practical.
All customer funds are safe, said Lai, and are available to withdraw. The closure does not affect Bittrex Global, which operates in Europe, Canada and South America, among other locales, and will remain open for trading.
U.S. regulators in recent weeks and months have upped their oversight of crypto-related companies, and crypto exchanges haven’t been spared. Coinbase recently disclosed receipt of a Wells Notice from the U.S. Securities and Exchange Commission (SEC), and Kraken shuttered its crypto staking service and paid a $30 million fine in a settlement with that agency.
Most recently, Binance and its CEO and founder Changpeng Zhao U.S. Commodity Futures Trading Commission the U.S. Commodity Futures Trading Commission (CFTC) this week, with the complaint alleging the offering of unregistered crypto derivatives products in the U.S.
Source: www.Pipsafe.com – Next month, Bittrex will cease operations in the United States
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