On Friday, Bittrex, a cryptocurrency exchange platform, announced that it will shut down its U.S. platform by April 30 after nine years in operation.
In a statement, co-founder and CEO Ritchie Lai expressed his regret at having to take this step considering the current regulatory and economic climate in the U.S., noting that it had become “no longer feasible” for Bittrex to remain open.
He reassured customers that all funds are safe and available for withdrawal. “Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape,” he added.
In recent weeks and months, U.S. regulators have increased their oversight of crypto-related companies, resulting in several notable settlements between exchanges and the SEC or CFTC. Coinbase recently disclosed receipt of a Wells Notice from the SEC, while Kraken shuttered its crypto staking service and paid a $30 million fine in a settlement with that agency. This week, Binance and its CEO and founder Changpeng Zhao received a complaint from the CFTC alleging the offering of unregistered crypto derivatives products in the U.S.
