- All the exchange’s trading activities for the US clients would stop on April 14.
- Bittrex Global remains operational, according to the announcement.
Cryptocurrency exchange Bittrex is closing down its US operations due to the country’s current state of “regulatory and economic environment.”
Users can still trade on the American exchange until April 14, 2023, but all funds must be withdrawn by April 30, 2023, the company said in Friday’s statement, adding that Bittrex Global remains operational.
Unclear Regulatory Environment
Bittrex CEO and co-founder Richie Lai blamed the US regulators – for failing to provide clarity in the digital asset space – ending the nine years it has been in operation in the US.
“Nine years later, the crypto ecosystem is very different. Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape. Operations in the US are no longer feasible and Bill, Rami, and I will focus on helping Bittrex Global succeed outside the US.”
Last year, Bittrex was charged $29 million in fines by the Financial Crimes Enforcement Network and the Treasury Department’s Office of Foreign Assets Control (OFAC) – for alleged violation of anti-money laundering laws. Specifically, the watchdogs accused the exchange of allowing clients from sanctioned countries – Sudan, Cuba, Syria, Iran, and Crimea – use its platform.
See Related: US Regulator Charges Gemini and Genesis For Violating Securities Law In Crypto Lending
Started in 2013 in Seattle, Bittrex currently ranks as the 32nd largest crypto exchange with $28 million in the daily trading volumes. Some of its services include full-service API, near-instant atomic transactions, wallet infrastructure, and offline solutions.
The ongoing crackdown on digital currency platforms in the US has forced crypto exchanges to decide to close down or move their operations outside the country.
Last month, the US Securities and Exchange Commission issued a Wells notice against Coinbase that could result in a lawsuit. Around the same period, the CFTC sued Binance and its founder CEO for illegally issuing derivatives without proper licensure.
