Main navigation

Crypto Community in Awe as Bittrex US Exchange Winds Down

Sat, 04/01/2023 - 10:35
article image
Tomiwabold Olajide
Crypto exchange Bittrex shutting down US operations
Crypto Community in Awe as Bittrex US Exchange Winds Down
Cover image via www.freepik.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

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The decision will take effect on April 30, 2023, and all customer funds are safe and can be withdrawn until that date.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.

Related
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 Beaxy.com for concurrently running an unregistered exchange, brokerage and clearing company. Its founder, Artak Hamazaspyan, was also charged with securities fraud.

article image
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.