The American cryptocurrency exchange Bittrex has made reported that it will close. In a statement released on Friday, the exchange said that customers’ funds were safe and could be withdrawn up to April 30. Additionally, it indicated that trade would continue through April 14th.
Bittrex Report Shutdown of US Division
The company’s foreign trading platform, Bittrex Global, will continue to be available, according to the announcement. The co-founder and CEO of the platform, Richie Lai, made the announcement of the exchange’s shutdown on Twitter and attributed it to the “current U.S. regulatory and economic situation.”
“Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape.”
Lai
About the Platform
Seattle-based company was established in 2013. It ranks as the 71st largest digital asset exchange, according to CoinGecko, with just $11.7 million in 24-hour trading activity. That is lower than Uniswap, Pancakeswap, and even Orca, three options that operate decentralized.
The News from Bittrex
The platform announcement comes at a time when American authorities are launching what may be their most ruthless campaign against the cryptocurrency industry. The U.S. Securities and Exchange Commission has recently imposed fines on numerous American bitcoin companies, most notably the well-known Kraken. Due to “apparent violations” of the sanctions imposed on countries including Iran, Cuba, and Syria, the platform agreed to pay $29 million to resolve enforcement actions with US authorities last year.
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