Cryptocurrency exchange Bittrex announced the termination of work with clients from the United States. The reason for this decision was the “difficult regulatory environment and economic situation” in the country.
As Bittrex co-founder and CEO Richie Lai emphasized, despite the constant development of the cryptocurrency ecosystem, the requirements of US regulators are becoming more opaque and tough. He noted that US regulators do not make contact with companies from the cryptocurrency sphere. This attitude made the work of the exchange in the United States economically unprofitable.
The platform recommends that US users withdraw funds by April 30. The management of the exchange emphasized that all deposits of US users are safe and they can withdraw them at any time before the specified date.
It is possible that Bittrex’s decision to leave the US market is due to harassment by US law enforcement agencies. Last year, the Office of Foreign Assets Control (OFAC) and the Financial Crime Enforcement Network (FinCEN) of the U.S. Treasury imposed a $29 million fine on Bittrex.
