Bittrex Exchange Plans to Wrap U.S. Operations By End of April

Bittrex has over 500K active user base and over 70K new users that visit the website monthly.
The crypto exchange informed customers that funds are safe on 30 April.

Bittrex, one of the leading crypto exchanges, is planning to end its United States operation noting that it can’t operate in the region because of rising pressure and tightening rules by U.S regulators.

Due to continued regulatory uncertainty, we have made the difficult decision to wind down our U.S. operations, effective April 30, 2023. All funds are safe and can be fully withdrawn immediately.
This does not affect customers of @BittrexGlobal https://t.co/MY4u7XLk9z
— Bittrex (@BittrexExchange) March 31, 2023

Bittrex believes that operating in the U.S. does not make financial sense as per the ongoing economic environment and the immense pressure of U.S. regularities. The exchange further believes that most regulatory requirements are not made clear and are enforced without any proper discussion or input which ultimately leads to a competitive landscape.

Bittrex is ranked among the 30 leading crypto exchanges with a 24-hour trading volume of $28,211,652.90. According to the crypto exchange, it offers a trading platform for more than 320 cryptocurrencies.

The term competitive landscape here refers to a list of substitutes a consumer or user can select– other than a specified and well-known product in the market.

Since the last few months financial regulators and securities regulators have taken severe action on dozens of crypto exchanges. Recently on February 10, TheCoinRepublic reported that the U.S. Securities and Exchange Commission has fined one of the leading crypto exchanges- Kraken for $30 Million.

Earlier on March 22, SEC issued an Enforcement Notice to the second biggest crypto exchange Coinbase and soon after SEC’s notice Coinbase stock declined over 14% in the next trading session of March 23.

According to CoinMarketCap spot trading volume of Bittrex reflected a positive movement and jumped up over 215% in the past 24 hours. As per the data, Bitcoin is one of the most traded digital assets and Ethereum is the second most digital asset on the Bittrex crypto exchange.

According to Crunchbase data, Bittrex Global acquired Tradedash on July 3, for an undisclosed amount. Bittrex has personally invested in the VALR organization focused on developing a financial system that recognizes the oneness of humanity.

The Bittrex crypto exchange is headquartered in Seattle, United States, and was developed in 2012 and launched two years later in 2014. The exchange was co-founded by Bill Shihara, Richie Lai, and Rami Kawach.

According to Bittrex’s official website, the crypto exchange is available for users globally excluding North Korea, Iran, Syria, Crimea, and Cuba.

Notably, the services of the exchange are not available in all 50 states of America.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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Source: https://www.thecoinrepublic.com/2023/04/01/bittrex-exchange-plans-to-wrap-u-s-operations-by-end-of-april/