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Prominent cryptocurrency exchange Bittrex said in an email sent to users on March 31 that it plans to voluntarily cease operations in the United States.
Bittrex suspends operations in the US
The company said it will completely cease operations in the United States at 12:00 p.m. PDT on April 30. It also said April 14th is the deadline for all US transactions.
Bittrex said US customers will be able to access their accounts until the withdrawal deadline of April 29, but will also specify a specific withdrawal deadline by that date, depending on the type of activity involved in the withdrawal process. Did.
Specifically, according to Bittrex, US-based users will have until April 7 to set up bank accounts for fiat withdrawals, April 24 to request fiat withdrawals, and four You must request fiat ACH withdrawals by May 27th. Users can withdraw cryptocurrencies in other ways.
The company added that US referrals and staking products will end soon. Earnings will stop, but past rewards will be paid to him by April 5th.
Bittrex faced regulatory challenges
Richie Lai, co-founder and CEO of Bittrex Said It said the service outage was due to “regulatory uncertainty and a lack of U.S. regulatory interest in policy wise.”
The exchange did not name specific regulatory issues, but was fined by OFAC and FinCEN in October 2022 and was banned from New York in 2019.
Bittrex explained that its withdrawal from the US will not affect its customers worldwide.Said it “remains”[s] Bittrex Global has offices in Bermuda and Liechtenstein and serves customers outside the United States.
Apart from regulatory challenges, the company’s financial situation appears to be somewhat weak. Bittrex laid off about one-fifth of its employees in February, trading just $14 million in the last 24 hours.
Bittrex is notable primarily for its age rather than its popularity. Launched in 2014, he became one of the earliest cryptocurrency exchanges.
