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Bittrex Shuts Down US Crypto Exchange Citing Regulatory Uncertainty

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Bittrex, a well-known cryptocurrency exchange, has announced that it will be shutting down its US operations due to regulatory uncertainty in the country. The Seattle-based company will fully stop operating its US platform at 12pm PDT on April 30th, 2023. The news comes after nine years of operation in the US market.

Bittrex cites the current regulatory landscape in the country as the primary reason behind the decision. The company’s CEO, Ritchie Lai, stated that “Operating in the US is no longer feasible.” Bittrex is just one of many cryptocurrency companies facing regulatory scrutiny in the United States.

The company’s non-US arm, Bittrex Global, will continue to operate from its base in Liechtenstein. Bittrex Global allows users to swap nearly 250 digital assets and has domiciled itself in the tax-friendly jurisdiction of Liechtenstein, much like other cryptocurrency companies.

Bittrex’s referral program has also been terminated, and all rewards earned up to this point will be paid out by April 5th, 2023. The company’s decision to shut down its US operations will undoubtedly have an impact on the cryptocurrency market.

Many industry experts believe that regulatory uncertainty is holding back the growth of the cryptocurrency industry in the United States. The lack of clear guidance from regulators has made it difficult for companies to operate and innovate in the space.

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