• Bittrex, a notable cryptocurrency exchange, said that it plans to voluntarily halt US operations by April 30.
• The company cited “regulatory uncertainty” and a lack of interest from US regulators as the main reasons for the decision.
• Bittrex will continue its operations in other countries while their services in the US cease on April 30.
Bittrex To Halt U.S. Operations
Bittrex, a notable cryptocurrency exchange, has announced plans to discontinue its services in the U.S., citing regulatory uncertainty and a lack of interest from American regulators as the main reasons behind this decision. According to an email sent out to users on March 31, all U.S.-based trading must end by April 14 with full cessation of U.S operations taking place at 12 p.m. PDT on April 30th . Meanwhile, customers outside of the United States will still be able to access their accounts and use Bittrex’s services worldwide until further notice is given by the company.
Deadlines for Withdrawal Requests
In order to accommodate any current withdrawals requested by American customers, specific deadlines have been placed depending on type of activity involved in withdrawal process: All users must set up a bank account for fiat wire withdrawals by April 7; request fiat wire withdrawals by April 24; and request fiat ACH withdrawals by April 27; otherwise withdrawal requests can only be made through cryptocurrencies. Furthermore, referral and staking products offered exclusively within the United States shall be terminated immediately with past rewards scheduled for payment on or before 5th April 2021
Bittrex’s Regulatory Challenges
The CEO Richie Lai stated that this decision was due to “regulatory uncertainty” and lack of support from US regulators when it came to implementing sensible policies concerning cryptocurrencies which could potentially explain why Bittrex was fined OFAC & FinCEN back in October 2022 followed shortly after being barred from New York State back in 2019 .
Continued Worldwide Services For Global Customers
Despite announcing an end to all US-based activities, Bittrex has said that it “remain[s] committed to growing Bittrex Global” which is based in Bermuda & Liechtenstein and serves customers outside of the United States instead . This move may have been necessary due financial pressures faced by exchange amid reports claiming they recently let go 20% of their staff earlier this year (Feb 2021) making them one oldest exchanges seeing relatively low trading volume over past 24 hours amounting $14 million USD approximately..
Conclusion
All things considered , although sad news for US cryptocurrency traders who had faith in this old-timer , we can expect more changes coming our way as digital asset space matures . In any case , make sure you withdraw your funds if you are an American user before deadline date approaching 29th Apr 2021 or else risk losing them forever .