- Bittrex announce that it will be closing its US branch on April 30, citing regulatory uncertainty.
- Customers can trade until April 14 and they need to withdraw funds on or before April 30.
- Bittrex Global will be unaffected and founders will focus on helping overseas operations thrive instead.
Bittrex, one of the oldest surviving cryptocurrency exchanges today, announced that it will be closing down its US branch indefinitely.
Read CRYPTONEWSLAND on
google news
As said in the tweet above, the primary motivation for this decision is the “continued regulatory uncertainty” faced by crypto firms — exchanges mostly — in the US. Specifically, the exchange admitted that it would be financially unwise for them to continue operating in the US with the country’s relentless offensive on crypto firms.
Bittrex US will cease its operations on April 30 and customers need to withdraw their funds until that day. However, those who wish to continue trading on the exchange may do so until April 14. Customer funds are safe and are backed 1:1, the exchange assured in the official announcement.
Overseas operations of Bittrex Global will remain unaffected. In fact, the founders are focusing on helping grow the exchange’s overseas operations instead.
The announcement came in the wake of a whirlwind of regulatory scrutiny by the US against crypto firms. Recently, Senator Elizabeth Warren boldly announced that she is assembling an ‘army’ against the crypto space.
Leading US-based exchanges Kraken and Coinbase are also suffering extra policing from regulators, especially the Securities and Exchange Commission (SEC). Finally, Binance got handed down a surprise lawsuit from the Commodity Futures Trading Commission (CFTC).
Read also:
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
