The 9-year-old Bittrex cryptocurrency exchange is shutting down its platform in the US.
US-based cryptocurrency exchange Bittrex announced Saturday that it will cease trading in the US effective April 30, citing ongoing regulatory uncertainty in the region.
Bittrex, which has been operating in the market for 9 years, announced that it will focus on the growth of Liechtenstein-based Bittrex Global, which caters to investors outside the US. The exchange said trading on the platform will be allowed. until April 14 and that all customer funds are safe and available.
In February, Bittrex laid off 83 employees, citing a market downturn caused by “multiple failures in the crypto ecosystem.”
REGULATIONS JUSTIFIED THEIR PRESSURE
“Regulatory requirements are often ambiguously applied,” Bittrex CEO Richie Lai said in a statement. This leads to an uneven competitive environment,” he said.
Explaining that such an environment makes it impossible to operate in the US, Lai stated that it is not economically viable for them to maintain their presence in the US.
FINES $53 MILLION
Recently, the US Securities and Exchange Commission and other US regulators have started putting pressure on various local crypto service providers.
Bittrex was also fined $53 million in November for violating certain anti-money laundering laws and penalties.
In the ruling handed down by the US Treasury Department, it was announced that Bittrex used the platform to conduct crypto transactions in 2014-2017 by individuals located in areas where US sanctions were applied, especially Crimea, Cuba, Iran, Sudan and Syria.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
