The cryptocurrency exchange Bittrex has stated that it would discontinue operations in the United States due to the tough legal and economic environment.It was bittersweet for the firm to make the news on the platform’s ninth anniversary.
Thank you everyone…. <3 ;( pic.twitter.com/kq8nTRT0Aj
— Richie Lai (@richiela) March 31, 2023
Regulatory Hurdles For Bittrex
Richie Lai, co-founder, and CEO of Bittrex said:
As the cryptocurrency ecosystem developed, legal requirements have grown to be more “unclear” and “enforced, without proper debate or participation,” creating an unlevel playing field for competitors. Bittrex’s activities in the United States can no longer be sustained due to the present economic context.
https://twitter.com/BittrexExchange/status/1641879884682387457?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1641879884682387457%7Ctwgr%5Ea32e5038860f5df81fbb8cf39d9c9aaf325640d1%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcoincult.com%2Fwp-admin%2Fpost.php%3Fpost%3D1461action%3Dedit
The company’s founders have made the decision to concentrate on assisting Bittrex Global’s success outside of the United States. Bittrex stated that the funds are secure and that US clients do not need to worry about safety when withdrawing their funds.
The exchange will allow trading until April 14, 2023, but recommends completing withdrawals by April 30. A team of three cybersecurity engineers founded Bittrex in 2014. It offers a full-service API, instant atomic transactions, wallet infrastructure, and cold wallet options. The platform is known for its secure and reliable cryptocurrency exchange services.
Bittrex’s U.S. operations closing serves as a reminder of the difficulties cryptocurrency firms confront while navigating a hazy legal landscape.
The Securities and Exchange Commission’s regulatory posture, according to Ripple CEO Brad Garlinghouse, puts the United States at “serious risk” of losing its position as a centre for the approaching wave of blockchain and cryptocurrency innovation.
Related Reading | zkSync Era: Ethereum’s Latest L2 Scaling Solution Attracts Thousands Of Users In Record Time
As per Garlinghouse in an interview with Bloomberg, Australia, Japan, the United Kingdom, Singapore, and Switzerland have more stringent cryptocurrency regulations than the United States does. So, the cryptocurrency industry has “already started moving outside” of the nation.
Rida Fatima
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