Regulatory and Economic Atmosphere Forces Bittrex to Close Down Operations in the United States
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A famous crypto exchange (Bittrex) declared that it will seize operations in the United States as the economic and regulatory environment seem too challenging.
Bittrex was established in 2013 by three founders: Bill Shihara, Rami Kawach, and Richie Lai. These three have been a force to reckon with in the cryptocurrency sector. Nevertheless, this news does not affect Bittrex in other parts of the world or its Liechtenstein branch, which services customers that are not in the United States.
On March 31st, Bittrex announced that United States customers should withdraw their funds and stop trading activities. So, by April 7th, 2023, users should have prepared their bank accounts for wire transfers, while trading activities will stop by the 14th of April. Meanwhile, currency wire withdrawals end by the 24th, and ACH withdrawals will end by the 27th of April. Additionally, April 29 will be the last day for Bittrex users in the United States to withdraw their crypto, while the company will officially wind down its operations by the 30th of April.
Furthermore, Bittrex advised traders whose funds are below the set withdrawal threshold to trade their crypto for ones with a lower set withdrawal threshold. This will allow them to withdraw their funds before the stipulated deadline. The exchange also stated that all pending withdrawals will be canceled when the April 29th deadline expires.
Therefore, users who do not withdraw their crypto before the stipulated deadline will have their accounts disabled. So, funds in such accounts may be unavailable for a very long time. Also, users with a huge amount of funds (larger than the withdrawal limit) in their account will have to spread their withdrawal over days. Bittrex is working towards making all wallets online before the set deadline expires. However, the exchange can’t assure that this will happen for all wallets.
Trading activities on the exchange will continue until April 14, 2023. After this date, all opened positions will be closed, while all pending orders will be terminated. The exchange has issued a disclaimer for any losses or unrealized profits as a result of the cancellation of pending orders.
As of now, payments to the Bittrex account are closed, and users won’t be able to withdraw any funds sent to their Bittrex account address as soon as the exchange ends its operations. Bittrex has stopped its referral and staking programs in the United States. Therefore, those who have funds in these programs will get their rewards by April 5.
