Bittrex, a cryptocurrency exchange based in Bellevue, Washington, stated on Friday that it was “winding down” its American operations.
Customers were reassured that their money was secure in a post by Bittrex co-founder and CEO Richie Lai.
Don’t panic; all customer money are secure and accessible for withdrawal. Unfortunately, it is simply not feasible for us to operate in the current regulatory and economic climate in the United States, Lai added.
Bittrex will continue to work on cryptocurrencies outside of the United States via Bittrex Global.
Bill Shihara and Rami Kawach, Lai’s co-founders, and he were all once responsible for security at Amazon. In 2014, they started the business.
We created technology that, at the time, was superior to everyone else’s. full-featured API. Atomic transactions that take place quickly. The largest wallet infrastructure in the world. Cold wallet alternatives offline. No money has ever been lost or stolen from us. Technology, plain and elegant, Lai said in a post on Friday.
Customers of the exchange can continue trading until April 14; however, Lai urged that all funds should be withdrawn by the last day of April.
The crypto ecosystem has changed significantly during the past nine years, according to Lai. Regulation requirements are frequently ambiguous and implemented without proper discussion or involvement, resulting in an unequal competitive field, says the report.
The sudden demise of digital-asset exchange FTX shocked the cryptocurrency industry last year. As FTX was shut down, the value of Bitcoin, Ethereum, and other coins dropped precipitously.
The 2014 startup Bittrex has laid off 83 employees. According to LinkedIn, the business had close to 300 employees prior to the layoffs in February.
The U.S. Treasury Department penalized Bittrex with fines totaling nearly $29 million in October. It is claimed that it did not adhere to anti-money laundering regulations while still allowing users from sanctioned countries to utilize its platform.
