- Bittrex Exits US Due To Regulatory Uncertainty.
- The crypto exchange is currently working on the growth of Bittrex Global.
- CEO Lai said customer funds are safe and can be withdrawn.
Bittrex made headlines Monday after the cryptocurrency exchange announced it was looking to scale back its operations in the United States.
Why Bittrex is leaving the US
The Seattle-based company attributes the move to continued U.S. regulatory uncertainty. Confirmed that their funds are safe;
All customer funds are safe and can be withdrawn. However, continuing the current US regulatory and economic environment is not economically viable.
The platform will be available for trading until April 14th.th However, customers can withdraw their funds until the end of this month, he added.
In February, Bittrex 83 jobs cut Due to the market downturn.
What’s Next for Bittrex Exchange?
The crypto exchange is currently working on the growth of Bittrex Global. This is the platform for customers outside the US and will continue to operate.
In October, US regulators announced: $53 million fine For failing to meet anti-money laundering requirements and blocking users from sanctioned countries such as Iran and Cuba, Bittrex CEO Lai said:
Regulatory requirements are often unclear and implemented without proper discussion and input, creating an uneven competitive landscape.
Bittrex was founded in 2014. Nexo Co., Ltd. It announced a similar decision after facing regulatory scrutiny.
