- Bittrex is quitting the United States due to regulatory uncertainty.
- The crypto exchange will now commit to growing Bittrex Global.
- CEO Lai says customer funds are safe and available to withdraw.
Bittrex was in focus on Monday after the crypto exchange said it’s about to wind down its operations in the United States.
Why is Bittrex quitting the U.S.?
The Seattle-headquartered firm attributed the move to continued regulatory uncertainty in the U.S. Customers were relieved, though, after CEO Richie Lai confirmed that their funds were safe.
All customer funds are safe and available to withdraw; however, it’s just not economically viable for us to continue in the current U.S. regulatory and economic environment.
The platform will be available for trading until April 14th but customers will be able to withdraw funds through the end of this month, he added.
In February, Bittrex had cut 83 jobs citing market downturn.
What’s next for Bittrex exchange?
The crypto exchange will now commit to growing Bittrex Global – its platform for customers outside of the United States that will remain operational.
In October, a U.S. regulator announced a $53 million fine on Bittrex for failing to meet anti-money laundering requirements and not blocking users from sanctioned countries, including Iran and Cuba. According to CEO Lai:
Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.
Bittrex was founded in 2014. It’s leaving the U.S. only shortly after peer Nexo Inc announced a similar decision after facing regulatory scrutiny.