Bittrex Announces Closure of U.S Division Citing Regulatory Concerns

• The exchange stated that trading will continue until the 14th of April.
• Bittrex settled enforcement actions with U.S. authorities last year for $29 million.

Bittrex, a cryptocurrency exchange based in the United States, announced it will be closing its doors. The exchange stated in a statement on Friday that customers’ monies were secure and that they may withdraw them until April 30. It also stated that trading will continue until the 14th of April.

The announcement also confirmed that the company will maintain its international trading platform, Bittrex Global. Richie Lai, co-founder, and CEO of Bittrex, announced the exchange’s closure on Twitter, citing the “current U.S. regulatory and economic environment” as the reason.

Lai stated:

“Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”

Most Severe Crackdown on Crypto Sector

Bittrex is a firm located in Seattle that was founded in 2013. According to CoinGecko, it has a 24-hour trading volume of just $11.7 million, making it the 71st biggest digital asset exchange. That’s lower than Uniswap, Pankcakeswap, and even Orca, three decentralized alternatives.

The news from Bittrex coincides with what may be the most severe crackdown on the cryptocurrency business from U.S. officials. Many American cryptocurrency firms, notably the widely used Kraken, have been punished with penalties by the U.S. Securities and Exchange Commission in recent months.

Coinbase, the largest cryptocurrency exchange in the United States and a publicly listed company received a Wells Notice this week alleging that its staking products are unregistered securities. The warning indicates that a legal proceeding to enforce the agreement is imminent.

Binance, the largest cryptocurrency exchange in the world, was sued by the Commodities Futures Trading Commission (CFTC) on Monday for allegedly breaking trading and derivatives laws. Bittrex settled enforcement actions with U.S. authorities last year for $29 million due to “apparent violations” of sanctions against nations including Iran, Cuba, and Syria.

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