Bittrex is all set to withdraw from the US market
Kraken Exchange is done with its staking services. Coinbase and Binance are fighting their respective cases. Meanwhile, Bittrex has also entered the space with an announcement that it will soon shutter its services in the US market. Specifically speaking, the Seattle-based crypto venture will stop offering its services from April 30, 2023. Users have until April 14, 2023, to trade their assets, following which they will have to start wrapping up their portfolios.
Founded in 2014 and headquartered in the United States of America, Bittrex is soon about to leave its hometown with little chance of returning unless regulatory implementations improve tremendously. Our Bittrex review sheds light on the services provided by the crypto firm.
With over 300 cryptocurrencies listed, there are definitely some services that users can avail till April 14, 2023. Bittrex has assured that assets are safe, and the focus is instead now on expanding Bittrex Global outside the US market.
Digital asset services have a narrow margin to operate in the US, with regulators saying that it is all in favor of the investors and traders. While that is a commendable stand, more than one crypto venture has expressed its interest in being somewhere else for a sustainable future. Whatever the case may be, crypto ventures operating in the US are hoping to find a quick resolution so that they can continue working with the community.
The reason cited by Bittrex is that regulatory requirements are often implemented without any certainty, discussion, or input from the industry. This leads to an uneven competitive landscape that only goes on to make the digital environment unfeasible.
A similar tone has rather been reflected by Richie Lai, the Chief Executive Officer of Bittrex. Richie stated that regulatory requirements are enforced without any discussion or input.
Customer funds on Bittrex are being said to be in safe hands.
The weekend announcement of shuttering the services by Bittrex follows the development where it laid off 83 employees in February, stating that there was a market downturn because of the failure of multiple factors in the crypto ecosystem. It is unclear what the real reason was; however, that could very well be the real reason itself, as the global crypto market has been trembling since the collapse of FTX.
Bittrex is not the only crypto venture suffering from the hands of regulatory uncertainty. Kraken Exchange has shuttered its staking service. Coinbase is arguing to defend the fact that crypto-staking services are different from financial securities and hence should be classified differently. Ben Armstrong has even said that the venture will be happy to defend this stance in court.
The recent victim has been Binance, where the firm, along with its Chief Executive Officer, Changpeng Zhao, has been sued by the US Commodity Futures Trading Commission for violating the rules related to financial derivatives. It has been alleged that they have tried to solicit US investors without any permission. Zhao has turned out such allegations and has strong reasons to defend the services. The CFTC and the SEC continue to take down crypto ventures for their services. Bittrex is a new victim.