As per reports, Bittrex, a cryptocurrency exchange, has announced the discontinuation of its United States-based operations due to the competitive regulations and economic status, stated Cointelegraph. Sources revealed that the decision was announced on the company’s ninth anniversary.
“Due to continued regulatory uncertainty, we have made the difficult decision to wind down our U.S. operations, effective April 30, 2023. All funds are safe and can be fully withdrawn immediately,” Bittrex tweeted, added Cointelegraph.
As reported by Cointelegraph, Richie Lai, co-founder, CEO, Bittrex, stated that due to the evolving nature of the crypto market, regulatory needs became “unclear” and “ enforced, without appropriate discussion or input,” eventually resulting in this challenging phase. Reportedly, these reasons made Bittrex discontinue its operations in the United States.
Furthermore, the platform will be available for exchange till April 14, 2023, but customers are expected to withdraw funds by April 30, 2023, Cointelegraph concluded.
(With insights from Cointelegraph)