Bittrex exchange shutdown its U.S. arm over the unfriendly regulatory environment

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bittrex crypto exchange to shutdown u.s operations

American crypto exchange Bittrex announced that it is wrapping up its U.S. operations.

Seattle-based cryptocurrency exchange Bittrex announced its exit from U.S. by this month’s end i.e April 30th. The exchange also confirmed that it will continue operating its Bittrex Global platform.

In a statement, the exchange said that the customer funds are safe and can be withdrawn on or before April 30 while the trading will continue for the clients until April 14.

Bittrex CEO and co-founder took to Twitter and expressed the reason for taking such step by indicating that it was not “economically viable” to continue to run the exchange in the “current U.S. regulatory and economic environment.”

The unclear and enforced regulatory requirements are the key reasons resulting in the withdrawal of operations from the U.S.

Bittrex exchange has already paid $29 million last year to settle the violations claims. It was charged by the United States Department of Justice for offering services to sanctioned nations like Iran, Cuba and Syria.

The crypto crackdown by U.S. authorities especially SEC is putting pressure on leading exchanges. Coinbase was served Wells notice by SEC last week which means legal action can be taken by SEC anytime soon.

Kraken was already fined by the authorities while the leading crypto exchange Binance is sued by CFTC (Commodity Futures Trading Commission).

Meanwhile, the Ripple- SEC battle may come to end this year. High hopes are on Ripple for winning the case which may bring relief to the crypto market.

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