thecoinrepublic.com
- 1 Bittrex Global announced to wind up its operation by December 4, 2023.
- 2 Bittrex U.S states that it is difficult to continue operations due to the unfavorable regulatory environment in the region.
- 3 The cryptocurrency exchange has a 24-hour trading volume of $28,219,071.
Bittrex cryptocurrency exchange has announced that it has planned to shut down its operation by December 4, 2023 due to its tough legal battle with the Securities and Exchange Commission (SEC).
The announcement is followed after several months of struggle by Bittrex U.S arm as it stated that its difficult to continue operations due to unfavorable regulatory environment in the region.
Bittrex official website states that the exchange will begin the process of shutting down by winding up its trading services till December 4 2023. This hard step was initiated following alleged continuous hindrance of regulators in the path of successful operations.
Bittrex officially stated that “It is with great regret that we announce that Bittrex Global has decided to wind down its operations. Customers will only be able to withdraw assets as part of the winding down process. All our customers are strongly encouraged to log into their account and withdraw assets as soon as possible.”
The cryptocurrency exchange highlighted that it had not taken the decision to shut down lightly and understood the inconvenience it could face.
Why Bittrex U.S Opted to Shut Down
Bittrex felt that operating in the United States does not make financial sense in light of the current economic situation and enormous regulatory pressure.
According to the exchange, most regulatory requirements are not made explicit and are implemented without sufficient debate or feedback.
Bittrex is one of the top 30 cryptocurrency exchanges, with a 24-hour trading volume of $28,219,071. The crypto exchange claims to provide a trading platform for over 320 coins.
A new report on SEC states that the regulatory body is facing severe troubles in hiring crypto experts.
The majority of federal regulators have the position of an Inspector General, or independent authority that reviews and oversees the operations of, say, the Federal Trade Commission or the Social Security Administration.
At the beginning of November 2023, the SEC’s division published a report on the financial regulator’s “management and performance challenges” in October.
These challenges include keeping pace with developing technologies, like AI, and maintaining an in-the-know workforce.
The Inspector General’s Office highlights, “The SEC also faces challenges in recruiting specialists in crypto assets, which Enforcement considers critical to strengthening its capabilities to investigate new and emerging issues in crypto-asset markets.”
Disclaimer
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