Bittrex to Cease US Operations Amid Regulatory Uncertainty and Low Trading Volumes

On Friday, Bittrex, a leading cryptocurrency exchange, declared the termination of its US operations in response to escalating regulatory hurdles and insufficient backing for innovation from legislators.

Bittrex, a prominent cryptocurrency exchange, announced the closure of its US operations on Friday due to increasing regulatory challenges and a lack of support for innovation from lawmakers.

Bittrex’s US Market Share Plummets from 23% to Below 1% Before Closure

Once a major player in the US cryptocurrency market, Bittrex held a significant 23% share of USD support at the beginning of 2018, as per data from The Block. However, its market share took a nosedive, falling below 1% in 2021 and failing to rebound ever since. The announcement of the exchange’s closure of its US operations marks the culmination of its steady decline in recent years.

Co-founder Richie Lai confirmed that while Bittrex Global will continue to operate, Bittrex US is scheduled to shut down on April 30.

Funds are Secure

Lai assured customers that their funds are secure and can be withdrawn up until the closure date. In a statement, he expressed disappointment in US policymakers and regulators for not collaborating with digital asset exchanges to shape the future of the global economy, as their international counterparts are doing. According to Lai, US authorities seem determined to snuff out the industry and drive it abroad.

Bittrex Global will maintain its regulatory compliance in Bermuda and Liechtenstein, with the CEO highlighting plans to further expand the business. The decision to close Bittrex US follows a series of enforcement actions taken against cryptocurrency firms by US regulators in recent times.

In conclusion, regulatory pressures and a lack of support for innovation in the US have led Bittrex to decide to terminate its operations in the country. The cryptocurrency exchange, once holding a significant market share, has experienced a decline in recent years, and its market share has continued to decrease. Bittrex Global, on the other hand, aims to continue its growth by maintaining regulatory compliance in Bermuda and Liechtenstein. This situation demonstrates that the US’s regulatory approach to the crypto industry has a significant impact on the future of the sector.

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