{"id":19400,"date":"2023-04-02T05:40:56","date_gmt":"2023-04-02T05:40:56","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-exchange-bittrex-shuts-down-us-operations-due-to-regulatory-uncertainty-regulation-bitcoin-news\/"},"modified":"2023-04-02T05:40:56","modified_gmt":"2023-04-02T05:40:56","slug":"crypto-exchange-bittrex-shuts-down-us-operations-due-to-regulatory-uncertainty-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-exchange-bittrex-shuts-down-us-operations-due-to-regulatory-uncertainty-regulation-bitcoin-news\/","title":{"rendered":"Crypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Cryptocurrency exchange Bittrex is shutting down its U.S. operations due to \u201ccontinued regulatory uncertainty\u201d as U.S. regulators increase their enforcement efforts against cryptocurrency trading platforms. Regulatory requirements currently \u201care often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape,\u201d Bittrex described.<\/strong><\/p>\n

Bittrex Exiting U.S. Crypto Market<\/h2>\n

Cryptocurrency exchange Bittrex announced the shutdown of its U.S. operations on Friday. The exchange tweeted:<\/p>\n

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Due to continued regulatory uncertainty, we have made the difficult decision to wind down our U.S. operations, effective April 30, 2023.<\/p>\n<\/blockquote>\n

\u201cAll funds are safe and can be fully withdrawn immediately,\u201d the announcement adds, emphasizing that the closure does not affect non-U.S. customers using the Bittrex global platform.<\/p>\n

Richie Lai, CEO and co-founder of Bittrex, explained: \u201cIt\u2019s just not economically viable for us to continue to operate in the current U.S. regulatory and economic environment.\u201d Noting that his trading platform turned nine years old this month, Lai opined:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

Bittrex noted that the last full day users can withdraw their cryptocurrency is April 29. Moreover, the last day to submit fiat withdrawals is April 24 at 5 p.m. PDT for wire and April 27 at 5 p.m. PDT for ACH.<\/p>\n

In the U.S., cryptocurrency companies are facing increased regulatory scrutiny, as the Securities and Exchange Commission (SEC) is prioritizing enforcement efforts. The SEC has targeted multiple crypto firms, such as issuing a Wells notice to Coinbase<\/a> and filing charges against Kraken<\/a> over the exchange\u2019s staking program.<\/p>\n

SEC Chairman Gary Gensler recently asked for more funding<\/a> for his agency to combat misconduct in the crypto space. He has claimed that all crypto tokens<\/a>, except bitcoin, are securities. In addition, the Commodities Futures Trading Commission (CFTC) has filed a complaint against Binance<\/a> and its CEO, Changpeng Zhao (CZ).<\/p>\n

What do you think about Bittrex shutting down its U.S. operations? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, lev radin<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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