Crypto exchange Bittrex is leaving the US due to regulatory challenges. Co-founder and CEO Richie Lai wrote on Twitter that the decision does not affect Bittrex Global, which will continue operations as normal for its customers outside the United States.
Lai wrote, “Today is a bittersweet day. This month we turned nine; and while i’m excited and proud that we’ve come this far, i’m also very sad. Today, Bittrex begins the process of closing its operations in the United States. Don’t worry – all client funds are safe and available for withdrawal; however, it is simply not economically viable for us to continue to operate in the current US regulatory and economic environment.”
Thank you all…. <3 ;( pic.twitter.com/kq8nTRT0Aj
— Richie Lai (@richiela) March 31, 2023
Lai explained that “regulatory requirements are often unclear and applied without proper discussion or input, resulting in an uneven competitive landscape. Ultimately, we have made great strides towards achieving our goal of maturing the crypto space. However, operating in the United States is not more feasible and Bill, Rami and I will focus on making Bittrex Global successful outside of the United States. 14, 2023, and you should withdraw all your funds by April 30, 2023”.
In 2020, the exchange ended its services for users based in seven countries, the most notable being Belarus and Ukraine. The other five countries are Burundi, Mali, Myanmar, Nicaragua and Panama. “For regulatory reasons, we regret to inform you that we are no longer able to provide services to clients residing in certain jurisdictions,” the exchange said in a notification sent to its clients.
Although Bittrex has pointed out that its services will be discontinued for the mentioned countries within the next fourteen days, for some customers this took an immediate effect. Furthermore, he clarified that all escrows had been terminated and asked customers to withdraw funds within the next fourteen days. “After this deadline, we will need to deactivate any remaining accounts,” the exchange added, so it is unclear whether clients will be allowed to withdraw their holdings after the deadline.
Crypto exchange Bittrex is leaving the US due to regulatory challenges. Co-founder and CEO Richie Lai wrote on Twitter that the decision does not affect Bittrex Global, which will continue operations as normal for its customers outside the United States.
Lai wrote, “Today is a bittersweet day. This month we turned nine; and while i’m excited and proud that we’ve come this far, i’m also very sad. Today, Bittrex begins the process of closing its operations in the United States. Don’t worry – all client funds are safe and available for withdrawal; however, it is simply not economically viable for us to continue to operate in the current US regulatory and economic environment.”
Thank you all…. <3 ;( pic.twitter.com/kq8nTRT0Aj
— Richie Lai (@richiela) March 31, 2023
Lai explained that “regulatory requirements are often unclear and applied without proper discussion or input, resulting in an uneven competitive landscape. Ultimately, we have made great strides towards achieving our goal of maturing the crypto space. However, operating in the United States is not more feasible and Bill, Rami and I will focus on making Bittrex Global successful outside of the United States. 14, 2023, and you should withdraw all your funds by April 30, 2023”.
In 2020, the exchange ended its services for users based in seven countries, the most notable being Belarus and Ukraine. The other five countries are Burundi, Mali, Myanmar, Nicaragua and Panama. “For regulatory reasons, we regret to inform you that we are no longer able to provide services to clients residing in certain jurisdictions,” the exchange said in a notification sent to its clients.
Although Bittrex has pointed out that its services will be discontinued for the mentioned countries within the next fourteen days, for some customers this took an immediate effect. Furthermore, he clarified that all escrows had been terminated and asked customers to withdraw funds within the next fourteen days. “After this deadline, we will need to deactivate any remaining accounts,” the exchange added, so it is unclear whether clients will be allowed to withdraw their holdings after the deadline.