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News

Bittrex Exchange In The US Was Shut Down After Trading Activity Dropped Below 1%

April 1, 2023 - Around 2 mins mins to read
Key Points:
  • After 9 years of business, the Bittrex exchange declared the closure of its US branch due to trading volume of less than 1%.
  • According to co-founder and CEO Richie Lai, the exchange is no longer economically feasible in the present economic and regulatory climate in the United States.
Bittrex has announced its intention to quit the United States, blaming regulation ambiguity.
Bittrex Exchange In The US Was Shut Down After Trading Activity Dropped Below 1%

Due to the difficult legal and economic climate, cryptocurrency exchange Bittrex will shut its US platform on April 30 after 9 years of operation, according to information released on the company’s official website. Wake up in this room.

In a message to guests, co-founder and CEO Richie Lai stated, “It is not economically viable for us to continue operating in the current regulatory and economic environment of the United States.” On Friday, products arrived in this nation.

“Regulatory requirements are frequently ambiguous and enforced without adequate discussion, resulting in an uneven competitive landscape.”

In recent months, multiple US authorities have scrutinized platforms such as Coinbase, Kraken, and Binance. On Thursday, Galaxy Digital CEO Michael Novogratz stated that the crypto business is “under attack” from US authorities.

Bittrex Exchange In The US Was Shut Down After Trading Activity Dropped Below 1%

According to The Block’s head of research, Steven Zheng, while recent legislative problems may have influenced the exchange’s choice to exit the nation, they are likely not the only cause. .”Their volume in the US is so low that it’s not worth the effort to stay afloat,” he said, citing Bittrex’s 24-hour bitcoin traffic of $4.5 million.

Earlier this week, SEC Chairman Gary Gensler indicated that there is no need for distinct crypto legislation because it can be built on current securities laws. Meanwhile, Senator Elizabeth Warren is starting a “anti-crypto” campaign and making it a key election objective.

However, Bittrex’s closure in the United States is an indication of the crypto industry’s caution in the face of a harsh legislative and economic climate. However, this poses serious concerns about the suitability and feasibility of the US legal structure for the crypto sector.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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