The well-known cryptocurrency exchange Bittrex stops working in the US. This decision was made due to “regulatory uncertainty. U.S. customer funds will not be affected, but must be withdrawn by April 30, it said. official statement companies.
Due to continued regulatory uncertainty, we have made the difficult decision to wind down our US operations, effective April 30, 2023. All funds are safe and can be fully withdrawn immediately.
This does not affect customers of @BittrexGlobal https://t.co/MY4u7XLk9z
— Bittrex (@BittrexExchange) March 31, 2023
Trading on the platform will continue until April 14.
All other traders will be able to continue trading on Bittrex Global, which will be available to non-US traders.
Bittrex co-founder and CEO Richie Lai explainedthat in the current conditions, the continuation of the exchange in the United States is “economically inexpedient”. He also said that US regulators are not in contact with representatives of the cryptocurrency market.
Thank you everyone…. <3 ;( pic.twitter.com/kq8nTRT0Aj
— Richie Lai (@richiela) March 31, 2023
Analysts attribute the exchange’s decision to the fact that the trading floor has already suffered from the actions of regulators – the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) forced Bittrex to pay $ 29 million as a fine for “obvious violations” of the sanctions policy regarding Iran, Cuba and Syria.
This week, information was leaked to the media that the American crypto exchange Gemini is going to launch an international cryptocurrency derivatives exchange. Since these products cannot be offered in the US, the new company will operate outside the country.
In 2023, large trading platforms Kraken, Binance and Coinbase have already suffered from the actions of American regulators. Kraken was able to resolve its issues with the U.S. Securities and Exchange Commission (SEC) by agreeing to shut down the staking program and pay $30 million in fines.
Coinbase received a Wells notice from the US Securities and Exchange Commission (SEC). It said that the regulator considers the provision of Coinbase Earn services on the Coinbase Prime and Coinbase Wallet platforms as illegal trading in unregistered securities. The next step for the regulator is going to court.
On Monday, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the largest cryptocurrency exchange Binance and its CEO Changpeng Zhao. The regulator believes that the trading platform violated the rules for trading derivatives by not attending to the appropriate registration.
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