• Bittrex, a notable cryptocurrency exchange, announced that it will halt U.S. operations by the end of April.
• The company has set specific withdrawal deadlines leading up to April 29 for US-based users.
• The company cited regulatory uncertainty and lack of interest from US regulators as reasons for halting service in the country.
Bittrex to Halt US Operations
Bittrex, a notable cryptocurrency exchange, said that it plans to voluntarily halt U.S. operations in an email sent to users on March 31st. Bittrex will cease U.S. operations at 12 p.m. PDT on April 30th and has set specific withdrawal deadlines leading up to April 29th for US-based users .The company cited regulatory uncertainty and lack of interest from US regulators as reasons for halting service in the country .
Deadlines Set For Withdrawals
US customers will have access to their accounts until the last full day of withdrawals on April 29th but also have been given specific withdrawal deadlines depending on the type of activity involved in the withdrawal process:
• Setting up bank account for fiat wire withdrawals must be done by April 7th;
• Requesting fiat wire withdrawals must be done by April 24th;
• Requesting fiat ACH withdrawals must be done by April 27th;
Users can otherwise withdraw cryptocurrency without any deadline restrictions . Additionally, Bittrex’s U.S referral and staking products will be terminated immediately with past rewards being paid out before April 5th .
Regulatory Challenges Faced By Bittrex
Bittrex co-founder and CEO Richie Lai said that the service halt is due to „regulatory uncertainty and a lack of interest from U.S. regulators regarding sensible policies.“ Though not specifically named, Bittrex faced fines from OFAC and FinCEN in October 2022 while also being barred from New York back in 2019 .
Continued Global Support
Though departing from its services within the United States, Bittrex still remains committed towards customers outside of this region through its international platform “Bittrex Global” which is based out of Bermuda & Liechtenstein .
Weak Financial Situation
Apart from its regulatory challenges ,the company also appears to be in a somewhat weak financial situation with layoffs occurring earlier this year & modest trading volume reported over 24 hours at $14 million .