Cryptocurrency exchange Bittrex has suspended operations in the United States citing “continued regulatory uncertainty” as US regulators tighten their grip on cryptocurrency trading platforms Bittrex has been shutting down its operations in the U.S. due to “continued regulatory uncertainty. Regulatory requirements are now “often unclear and enforced without proper discussion or input, resulting in an uneven competitive environment,” Bittrex explained.
Bittrex Exits U.S. Crypto Market
Cryptocurrency exchange Bittrex announced Friday that it will cease operations in the United States. The exchange tweeted:
Due to continued regulatory uncertainty, we have made the difficult decision to scale back our US operations effective April 30, 2023.
“We emphasize that this closure will not affect customers outside the U.S. who use Bittrex’s global platform.
Richie Lai, CEO and co-founder of Bittrex, explained: “It is not economically feasible to continue operating in the current U.S. regulatory and economic environment.” Noting that his trading platform turned 9 years old this month, Lai opined:
In the nine years since then, the crypto ecosystem has changed significantly. Regulatory requirements are often unclear and enforced without proper discussion and input, resulting in an uneven competitive environment.
Bittrex noted that the last full day users can withdraw cryptocurrency is April 29. Additionally, the last day to submit fiat withdrawals is April 24 at 5 p.m. PDT for wire and April 27 at 5 p.m. PDT for ACH.
In the U.S., cryptocurrency companies are facing increased regulatory scrutiny as the Securities and Exchange Commission (SEC) prioritizes enforcement activity; the SEC has issued a Wells notice against Coinbase and filed charges against Kraken for its exchange staking program targeting several crypto companies.
SEC Chairman Gary Gensler recently called for more funding for the agency to combat fraud in the crypto space. He argues that all crypto tokens, with the exception of Bitcoin, are securities. Additionally, the Commodity Futures Trading Commission (CFTC) filed a complaint against Binance and its CEO, Changpeng Zhao (CZ).
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