Cryptocurrency exchange Bittrex has announced it will be winding down its operations in the United States due to a challenging regulatory and economic environment.
Co-founder and CEO Richie Lai said that as the crypto ecosystem evolved, regulatory requirements have become increasingly “unclear” and “enforced, without appropriate discussion or input,” leading to an uneven competitive landscape. This environment has made it economically unviable for Bittrex to continue its operations in the United States.
The company’s founders have decided to focus on helping Bittrex Global succeed outside the United States. Bittrex clarified that U.S. customers don’t have to worry about the safety of their funds, as all of their capital is safe and available for withdrawal. The platform shared that it will permit trading until April 14, 2023, but advised customers to withdraw all funds by April 30, 2023.
Founded in 2014 by three cybersecurity engineers, Bittrex offered features like full-service API, near-instant atomic transactions, wallet infrastructure and offline cold wallet solutions.
The winding down of Bittrex’s U.S. operations is a reminder of the challenges faced by cryptocurrency businesses navigating an uncertain regulatory environment.
