The United States has long been a difficult place to stay operational as a crypto business, but in recent months this problem has become bigger than ever. Just about every company in the industry is under fire in the US. Now Bittrex stops offering services for US customers.
Bittrex stops in the US
That writes Bittrex’ co-founder and CEO Richi Lai in a press release. Last March, the company celebrated its ninth anniversary, making it one of the oldest crypto exchanges in the US. Yesterday, the company started to stop its activities for residents of the United States. Customers from other countries are not affected, for now the company will continue to exist in other countries.
This is a complex process that will take a while, according to one more detailed information page all US operations will cease on April 30 for US customers. They have until April 7 to link their bank account for bank transactions. Depending on the transaction method, you have until April 27 in the US to withdraw your money from your Bittrex account.
Trading will stop for these customers on April 14, and cryptocurrencies can be withdrawn from your account until the end of April 29. If something similar ever happens in Europe, it is quite possible that you will also get some time – provided it is not a bankruptcy.
Crypto regulation in the US the problem
In the press release, Lai laments how unclear crypto regulation in the US has made it impossible to remain competitive. “We have never lost customer money and we have never been hacked. We (wanted) to be the most secure and fair trading platform in the industry. No hidden deals, no special treatment. We have never taken the shortcut,” explains the CEO.
Thank you everyone…. <3 ;( pic.twitter.com/kq8nTRT0Aj
— Richie Lai (@richiela) March 31, 2023
In recent months, the US Securities and Exchange Commission (SEC) seems to be on the warpath. Kraken was fined for offering crypto staking to retail customers. Coinbase is under fire for the same reason.
Binance and Paxos were also forced by policymakers to stop using the stablecoin BUSD, and Binance’s acquisition by Voyager has also been blocked.