Cryptocurrency exchange Bittrex has decided to close its operations in the US on April 30 due to continued regulatory uncertainty in the US market. No worries for users of the platform in the US, their funds are safe and can be withdrawn at any time.
Bittrex to cease operations in the US
The war against cryptocurrency exchanges in the United States has claimed a new victim. Just three days after the suspension of the activities of the platform Beaxy under pressure from the SEC in the US, it is around the exchange Bittrex to withdraw from the US market. Indeed, Bittrex announced that it will stop its activities in the United States as of April 30.
This difficult decision was made due to the ongoing regulatory uncertainty in the United States, the platform reports. Users of the platform need not worry: their funds are safe and fully available. They have until April 29 to withdraw them.
In a letter to the community, the CEO of Bittrex was keen to explain the rationale behind this difficult decision, which comes as the exchange celebrates its 9th year of activity.
For Richie Lei, the U.S. crypto market is characterized by obscure regulations that result in, among other things, unfair competition between the various players in the ecosystem.
Regulatory requirements are often unclear and enforced without proper discussion or input, resulting in an uneven competitive landscape.Richie Lei, CEO of Bittrex.
The war against crypto exchanges in the US
In recent days, cryptocurrency exchanges are facing increased scrutiny from state regulators in the US. In addition to Beaxy, whose executives are being prosecuted several other cryptocurrency exchanges are in the crosshairs of the Securities and Exchange Commission (SEC).
The Kraken exchange has thus taken a heavy fine and was forced to shut down its staking service. US financial regulators have also deemed all cryptocurrencies, with the exception of Bitcoin, to be securities. To this end, the exchange Kucoin has been sued in New York for selling titles without the required registrations.
The world’s largest crypto exchange isn’t immune to the U.S. authorities’ campaign either. Binance is accused by the Commodity Futures Trading Commission (CFTC) of intentionally circumventing U.S. regulations. This breach of U.S. law was committed at the behest of the CEO of Binance Changpeng Zhao, according to the CFTC…
While crypto exchanges are facing unwarranted regulatory pressure, other states are setting up a business climate favorable to the crypto industry. This is notably the case of the United Arab Emirates, which has set up a regulation crypto clear and complete, thus attracting major players in the industry. The hunt for crypto exchanges in the US will therefore be a loss for the country, not for the industry.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.