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Crypto Community in Awe as Bittrex US Exchange Winds Down

Sat, 04/01/2023 - 10:35
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Tomiwabold Olajide
Crypto exchange Bittrex shutting down US operations
Crypto Community in Awe as Bittrex US Exchange Winds Down
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Seattle-based crypto exchange Bittrex has announced it is winding down its U.S. operations. The crypto community was taken aback by the news and saddened by the latest development.

Some users spoke of Bittrex as their initial exposure to the world of cryptocurrencies, thus the dismay that its U.S. operations were winding down.

As stated in a release, Bittrex U.S. is making the difficult decision to wind down and close its U.S. operations as a direct result of "continued regulatory uncertainty and a lack of interest from U.S. regulators regarding sensible policies that will foster innovation and enhance the American economy."

The decision will take effect on April 30, 2023, and all customer funds are safe and can be withdrawn until that date. The announcement does not impact Bittrex Global, which will continue operations for its customers outside the U.S.

Richie Lai, co-founder and CEO of Bittrex, wrote on Twitter that he was saddened by the company's decision to start the process of winding down its U.S. operations in the same month it is celebrating its ninth anniversary.

He added that operating in the U.S. was "no longer feasible" and the focus would shift to helping Bittrex Global succeed outside the U.S.

In the week, as reported by U.Today, the world's biggest exchange, Binance, and its chief executive officer got sued by the CFTC for allegedly breaking trading and derivatives rules.

Crypto Exchange and Founder Sued by SEC in Wake of Binance CFTC Lawsuit

Also, the U.S. Securities and Exchange Commission (SEC) filed legal action against for concurrently running an unregistered exchange, brokerage and clearing company. Its founder, Artak Hamazaspyan, was also charged with securities fraud.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.