Challenging Regulations Force Bittrex's US Closure
Due to an unfavorable regulatory and economic environment, cryptocurrency exchange Bittrex has decided to wind down its operations in the United States. The announcement came on the platform's ninth anniversary, signifying a bittersweet milestone for the company.
Unclear Rules & Uneven Landscape Impact Bittrex's Viability
Bittrex's CEO Richie Lai, expressed that as the crypto ecosystem has evolved, regulatory requirements have become increasingly unclear and enforced without proper discussion or input. This has led to an uneven competitive landscape, making it economically unviable for Bittrex to continue operating in the United States.
Bittrex Global to Focus on Success Outside the US
The company's founders have chosen to concentrate on Bittrex Global's success outside the US. Bittrex assured US customers that their funds are safe and available for withdrawal, allowing trading until April 14, 2023, and advising withdrawals by April 30, 2023.
Bittrex's History: Cybersecurity & Advanced Features
Founded in 2014 by three cybersecurity engineers, Bittrex provided advanced features such as full-service API, near-instant atomic transactions, wallet infrastructure, and offline cold wallet solutions.
Crypto Industry Faces Challenges in US Regulatory Environment
The shutdown of Bittrex's US operations highlights cryptocurrency businesses' difficulties navigating an uncertain regulatory environment. Ripple CEO Brad Garlinghouse warned that the SEC's regulatory approach puts the US at severe risk of missing out on the next wave of blockchain and crypto innovation.
Garlinghouse: US Crypto Regulation Lags Behind Other Nations
In a Bloomberg interview, Garlinghouse suggested that the crypto industry is already moving outside the US, as the country's crypto regulation lags behind nations like Australia, Japan, the United Kingdom, Singapore, and Switzerland.
