Bittrex, a well-known cryptocurrency exchange, has recently announced that it will be terminating its services to clients in the United States.
The exchange cited the “difficult regulatory environment and economic situation” in the country as the primary reason for this decision.
According to Richie Lai, co-founder, and CEO of Bittrex, the increasing regulatory requirements of US authorities have made it difficult for the exchange to continue operating profitably in the country.
He added that US regulators seem to be unapproachable to companies from the cryptocurrency sphere, which has led to this decision.
The exchange has recommended that its US-based users withdraw their funds by April 30, and it assures its customers that all deposits are safe, and they can withdraw them at any time before the specified date.
Some speculate that the decision to exit the US market could be due to the harassment by US law enforcement agencies. In 2022, Bittrex was fined $29 million by the U.S.
Treasury’s Office of Foreign Assets Control (OFAC) and Financial Crime Enforcement Network (FinCEN).