Seattle-based crypto exchange Bittrex will soon stop serving US customers as federal regulators clamp down on the digital asset industry.
Bittrex co-founder Richie Lai says the company has made the decision to shut its doors in the US as the crypto exchange believes it is no longer feasible to continue operating in the country given the current regulatory conditions.
“Today is a bittersweet day. This month we turned nine years old; and while I am excited and proud that we’ve come this far, I am also very sad. Today, Bittrex is beginning the process of winding down its US operations.”
Lai highlights that the lack of regulatory framework in the country has made it difficult for the crypto exchange to remain competitive.
“When the three of us built Bittrex, it was about technology.Â
Nine years later, the crypto ecosystem is very different. Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”
Bittrex says the company’s decision to wind down its US operations will be effective on April 30th.
“All funds are safe and can be fully withdrawn immediately. This does not affect customers of Bittrex Global.”
The announcement comes as crypto firms face increased scrutiny in the US. The U.S. Securities and Exchange Commission (SEC) recently issued an alert warning investors about losing their entire investments in crypto.
The Commodities Futures Trading Commission (CFTC) also recently filed charges against top crypto exchange Binance, accusing the platform of knowingly violating CTFC rules.
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