On the eve of Friday, the Bittrex cryptocurrency exchange announced the closure of its American trading platform on April 30, after nine years of operation. In his message, the co-founder and CEO of Bittrex, Richie Lai, stated that it was inappropriate to continue working in the current regulatory and economic conditions of the United States. The CEO of Bittrex noted that the legislative requirements in the country are often unclear and are applied in practice without any discussion with business representatives, and this subsequently leads to an opaque competitive environment.
Bittrex guarantees the security of all its users’ funds and free access to withdraw digital assets. The termination of operations in the States will not affect the activities of Bittrex Global, which operates in Europe, Canada and South America.
This year, US regulators have significantly strengthened their supervision of companies related to cryptocurrencies, including exchanges.
Recall that recently the Coinbase exchange reported receiving a notification from the US Securities and Exchange Commission (SEC), and the Kraken exchange closed its crypto betting service and paid a fine of $30 million as part of the settlement of the case with a representative of the authorities. Also, one of the important events was Binance’s appeal to the SEC with a complaint about the offer of unregistered crypto derivatives in the United States.