Amid regulatory pressures, crypto exchange Bittrex has decided to cease operations in the US next month due to the difficulties it is experiencing in the cryptocurrency market. The crypto exchange drew attention to the uncertain regulatory and economic environment in the US.
Bittrex ends operations in the US
Crypto exchange Bittrex announced on Friday that it will shut down its US platform on April 30 after Bittrex has been in operation for nine years. Bittrex co-founder and CEO Ritchie Lai underlined the following in a statement:
It is not economically viable for us to continue operating in the current US regulatory and economic environment. Regulatory requirements are often vague and enforced without appropriate discussion or input. This naturally leads to an unequal competitive environment. Therefore, it is no longer possible to operate in the USA.
Meanwhile, to underline that there is no different issue, CEO Ritchie Lai said that all client funds are safe and ready to be withdrawn. The closing will not affect Bittrex Global, which operates in Europe, Canada and South America, among other local regions, and will remain open for trading.
Founded in 2013, Bittrex is a small Seattle-based crypto company. According to CoinGecko, it is the 71st largest digital asset exchange with a 24-hour trading volume of just $11.7 million. This is even less than some decentralized exchanges like Uniswap, Pankcakeswap, and Orca. Bittrex’s announcement came as US regulators launched perhaps the toughest crackdown on the crypto industry ever.
U.S. regulatory pressure on the cryptocurrency market grows
cryptocoin.comAs you follow, in recent weeks and months, US regulators have stepped up their controls over crypto-related companies, and cryptocurrency exchanges have had their share. Coinbase, one of the leading crypto exchanges, recently announced that it has received a Wells Notice from the US Securities and Exchange Commission (SEC). Also, another cryptocurrency exchange Kraken shut down its crypto staking service and paid a $30 million fine under its agreement with the SEC.
Finally, the world’s largest cryptocurrency exchange Binance and its CEO and founder Changpeng Zhao (CZ) have been targeted. In this context, the US Commodity Futures Trading Commission and the US Commodity Futures Trading Commission (CFTC) filed a complaint against Binance this week for allegedly offering unregistered crypto derivatives products in the US.
Meanwhile, Bittrex, which has decided to end its US operations, agreed to pay $29 million last year to settle enforcement cases before US officials for “blatant violations” of sanctions against countries including Iran, Cuba and Syria. Which explains why the exchange is complaining about regulatory pressures.
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