• Bittrex, a popular cryptocurrency trading platform, has announced it will cease U.S. operations from next month due to ongoing regulatory uncertainty in the country.
• Users are advised to withdraw their assets from the platform by April 30, 2023 and operations are expected to continue until April 14, 2023.
• Richie Lai, Co-founder and CEO of Bittrex stated that due to the current regulatory system in the US, it was not “economically viable” for them to continue operating in the US.
Bittrex Ceasing Operations in US
Popular cryptocurrency trading platform, Bittrex, has announced it will be ceasing operations in the United States beginning from next month. According to a post via their official Twitter handle, Bittrex states that this move comes as a result of the ongoing regulatory uncertainty surrounding the U.S. crypto space. The crypto exchange has assured its U.S. customers that all funds are safe and immediately available for withdrawal.
Uneven Competitive Landscape
Commenting on Bittrex’s latest announcement, Richie Lai, Co-founder and CEO of the company stated that it was not “economically viable” to continue operations in the U.S due to the country’s current regulatory system which is rather ambiguous and creates an uneven competitive landscape for businesses operating within these regulations .
Focus on Bittrex Global
Lai then went on to appreciate the success recorded by Bittrex in the U.S while stating that their main focus will now be on its global branch – Bittrex Global – which they hope will succeed outside of American territory .
Growing Concerns Over US Crypto Space
It is no news that there have been increasing concerns over America’s stance towards cryptocurrency with regulatory bodies cracking down on several crypto exchanges and businesses .
Conclusion
Bittrex’s decision highlights how uncertain regulations can lead to a hostile environment for businesses operating within them . This could present a challenge for other companies hoping to establish themselves or expand into American markets .
