Bittrex will cease US operations by April’s end


The cryptocurrency exchange will only serve international clients in the future.

Bittrex, a prominent cryptocurrency exchange, emailed users on March 31 that it would cease U.S. operations voluntarily.

At 12 p.m., the company will cease all operations in the United States. PDT on 30 April. It also stated that all U.S. trading would end on April 14.

Bittrex stated that U.S. customers will have access to their accounts until the last complete day of withdrawals on April 29, but also provided specific withdrawal deadlines leading up to that date based on the nature of the withdrawal process.

Bittrex specified that U.S.-based customers must open a bank account for fiat wire withdrawals by April 7, request fiat wire withdrawals by April 24, and request fiat ACH withdrawals by April 27. Alternatively, users can withdraw cryptocurrency.

The company added that its referral and staking products in the United States would be discontinued immediately. Despite the cessation of earnings, past rewards will be distributed by April 5.

Richie Lai, co-founder and chief executive officer of Bittrex, attributed the service suspension to “regulatory uncertainty and a lack of interest from U.S. regulators in sensible policies.”

Despite not naming any specific regulatory violations, the exchange was fined by OFAC and FinCEN in October 2022 and banned from New York in 2019.

Bittrex explained that its departure from the United States would not affect international consumers. It stated that it “remains committed to expanding Bittrex Global,” headquartered in Bermuda and Liechtenstein, serving non-U.S. customers.

In addition to its regulatory issues, the company is in a somewhat vulnerable financial position. Bittrex laid off approximately one-fifth of its workforce in February, and its 24-hour trading volume was only $14 million.

Bittrex is notable primarily for its age, not its prominence. It was founded in 2014, making it one of the earliest crypto exchanges.

Also Read: Cardano Users Will Soon Have Direct Access To Ethereum dApps Via ADA Wallets

Leave A Reply

Your email address will not be published.