Digital Asset Exchange Bittrex to Close Down US Operations, as Crypto Trading Volumes Decline Considerably

Bittrex Co-founder and CEO Richie Lai released the following statement on March 31, 2023 regarding Bittrex U.S.

As clarified in the update, this announcement does “not impact Bittrex Global, which will continue operations as normal for its customers outside the U.S.”

As noted in a release:

“As a direct result of continued regulatory uncertainty and a lack of interest from U.S. regulators regarding sensible policies that will foster innovation and enhance the American economy, Bittrex U.S. has made the difficult decision to wind down and will close its U.S. operations, effective April 30, 2023. All customer funds are safe and can be withdrawn until that date.”

The announcement also mentioned:

“The sad reality is that while policymakers and regulators in jurisdictions around the world work with digital asset exchanges on shaping the future of the global economy, their U.S. counterparts are seemingly committed to extinguishing the industry and sending it overseas. We are truly grateful for the support of our U.S. customers and team during the last nine years. My co-founders and I remain committed to growing Bittrex Global, which operates and services customers outside the U.S. only, providing its customers across the world with the safest, most secure, and most compliant exchange on the market.”

Founded on the same principles of security, innovation, and compliance, Bittrex Global remains “regulated in two of the jurisdictions that have led the way in innovative, secure, and market-leading regulation of digital assets: Bermuda and Liechtenstein.”

Bittrex Global will “continue to bear the title of the world’s most secure regulated crypto exchange.”

Bittrex‘s management confirmed:

“We look forward to continuing our work toward our foundational goal of maturing the crypto space on a global scale now and in the future.”

Following the news that Coinbase would list EUROC, Circle’s euro-based stablecoin, Bittrex announced in February 2023 that it will offer the digital asset on its platform, including a fee-free promotional period to boost utilization.

Bittrex noted that it would include the no-fee promotion for customers transacting with USDC, USDC pairs, and EUROC, which is scheduled to end on 28 August 2023.

Oliver Linch, CEO of Bittrex Global, commented on the listing of EUROC, stating they are providing an even better proposition to their customers when it comes to trading and investing with stablecoins.

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