- Bittrex is departing the U.S. due to regulatory uncertainty.
- The crypto exchange will now concentrate on Bittrex Global.
- CEO Lai confirmed that customer funds are safe and available to withdraw.
Bittrex grabbed headlines on Monday after the crypto exchange announced its decision to close down its operations in the United States.
Why is Bittrex leaving the U.S.?
The Seattle-based company pointed to the continued regulatory ambiguity 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 feasible for us to stay in the current U.S. regulatory and economic environment.
The platform will be available for trading until April 14th but customers can withdraw funds until the end of this month, he added.
In February, Bittrex had cut 83 jobs citing market downturn.
What’s next for the Bittrex exchange?
The crypto exchange will now focus on 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 established in 2014. It’s leaving the U.S. only shortly after peer Nexo Inc announced a similar decision after facing regulatory scrutiny.