FacebookTwitterLinkedInTelegramCopy LinkEmail
Regulation and Policy

Regulatory Hurdles Force Bittrex to Exit US Market – Here is the Deadline

Regulatory Hurdles Force Bittrex to Exit US Market – Here is the Deadline

On March 31, Bittrex, a well-known cryptocurrency exchange, emailed its users that it will voluntarily halt its operations in the United States.

The cessation will occur completely at noon PDT on April 30, with April 14 being the deadline for all U.S. trading. Until the final day of withdrawals on April 29, U.S. customers will have access to their accounts.

There are specific withdrawal deadlines leading up to that date based on the type of activity involved in the withdrawal process.

U.S.-based users are required to set up a bank account for fiat wire withdrawals by April 7, request fiat wire withdrawals by April 24, and request fiat ACH withdrawals by April 27, according to Bittrex.

Past rewards will be paid out by April 5, but the company’s U.S. referral and staking products will be immediately terminated.

Richie Lai, Bittrex’s co-founder and CEO, stated that the cessation of services is due to “regulatory uncertainty and a lack of interest from U.S. regulators regarding sensible policies.”

READ MORE: Cathie Wood Predicts Consequences of Biden Administration’s Crypto Crackdown

Despite its departure from the U.S., Bittrex Global, which is based in Bermuda and Liechtenstein and serves customers outside of the United States, will not be affected.

Bittrex, founded in 2014, is one of the earliest cryptocurrency exchanges but has faced regulatory challenges and financial difficulties, including layoffs and modest trading volume.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

Learn more about crypto and blockchain technology.