News View Non-AMP

Regulatory Uncertainty Forces Bittrex to Shut Operations In USA! What’s Next?

Published by
Qadir AK

One of the biggest cryptocurrency exchanges in the world, bittrex , has declared that it will be discontinuing operations in the US by the end of the month. The choice was made in reaction to increased regulatory scrutiny of the cryptocurrency market and uncertain economic conditions in the United States. The announcement came on the platform’s ninth anniversary, marking a bittersweet moment for the company. Read on. 

The reason behind Bittrex’s decision

Bittrex took to Twitter to announce that they have arrived at a tough decision to cease their operations in the United States, citing the persistent ambiguity surrounding regulations as the reason. The move will take effect from April 30, 2023. On top of that, Bittrex made it clear that all funds are secure and readily available for withdrawal without delay. 

Richie Lai, co-founder, and CEO said that as the cryptocurrency ecosystem developed, regulatory requirements had grown to be more “unclear” and “enforced, without appropriate discussion or input,” creating an unlevel playing field for competitors. Due to the current economic conditions, Bittrex can no longer sustain its activities in the United States.

Overbearing regulations are hurting Crypto Companies in the USA

American crypto companies, including Kraken and Coinbase, have already been fined, with Coinbase receiving a Wells Notice for alleged unregistered securities. The world’s largest crypto exchange, Binance , was also sued by the Commodity Futures Trading Commission (CFTC) recently. 

Related: Ripple Execs Concerned About SEC’s Enforcement Approach

The regulatory authorities in the United States, namely the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), have adopted a stringent and firm approach with regard to their regulatory measures.

This unfavorable disposition towards the cryptocurrency industry in the country does not bode well for its overall atmosphere. The decision by Bittrex to wind down its operations in the U.S. is indicative of the regulatory pressures faced by such companies and may potentially set a precedent for other market players to follow suit.

Do you think other exchanges will soon exit the USA as well? 

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Stablecoins Associated with First Digital Trust (FDT) Temporarily Depegs as Justin Sun Warns of Company’s Insolvency

In a surprising turn of events, Justin Sun, a prominent figure within the Tron (TRX)…

April 2, 2025

Trump Tariffs Live: Bitcoin Price Rallies To $87000 On ‘Liberation Day’

Cryptocurrency markets are experiencing fluctuations as traders brace for President Donald Trump's "Liberation Day" announcement,…

April 2, 2025

Grayscale Announces Launch of Two New Bitcoin ETFs: Here’s What They Are

Grayscale, a leading crypto asset manager, has introduced two new Bitcoin ETFs, offering a fresh…

April 2, 2025

Remember This Name! Remittix Presale Becomes the Top Predicted of 2025 as Project Raises Almost $15M in Record Time

In a year marked by conservatism and a sentiment shift in crypto, one name is…

April 2, 2025

Has Elon Musk Forgotten About Dogecoin (DOGE)?

Particularly for Dogecoin (DOGE), Elon Musk, the billionaire entrepreneur CEO of Tesla and SpaceX, has…

April 2, 2025

Shiba Inu Drops 9%, but RUVI AI’s (RUVI) Token Might Be the Meme Coin Killer as Investors Rush to Claim their Bonus

The cryptocurrency market is no stranger to ups and downs, and this week, Shiba Inu…

April 2, 2025