Another crypto company decided to leave the US crypto market amid regulatory uncertainty.
Bittrex is an averagely famous cryptocurrency exchange platform. This exchange was founded in 2013 by Bill Shihara, Richie Lai, Rami Kawach, and Ryan Hentz. Before 2018, this exchange was the leading choice among crypto traders. The services of this exchange are available in almost every country, where crypto trading is allowed.
On 1 April 2023, Bittrex exchange confirmed that the exchange decided to quit the US crypto market citing unclear regulatory policies under the jurisdiction of the US.
The Bittrex team confirmed that services of the exchange will remain available ideally for other jurisdictions but after 30 April services for the US-based customers will be terminated.
For now, US customers can withdraw their crypto funds from the exchange, which can be withdrawn immediately.
US rules vs Crypto
In the present time, the US is a very big part of the crypto sector by investment amount but it is a very bitter reality that US-based regulatory bodies handle the crypto companies’ regulation under the existing traditional financial rules and regulations.
Because of the unclear regulatory policies, the United States Securities and Exchange Commission (SEC) usually targets big crypto companies. In the last two months, more than three crypto companies faced strict enforcement action by the SEC agency.
Recently SEC Chairman Gary Gensler said that existing US laws are enough to handle the crypto regulation but urged the government to increase the financial budget & also expand the division’s workforce strength.
The latest crypto companies which faced & facing regulatory hurdles in the US jurisdiction over the last two months are Kraken, stablecoin company Paxos trust, Binance, Coinbase, etc.