Popular cryptocurrency exchange Bittrex has announced that it will wind down its U.S. operations due to the challenging regulatory and economic environment.
Founded in 2013 by Bill Shihara, Richie Lai, and Rami Kawach, Bittrex has been a prominent player in the crypto space. However, this decision does not impact Bittrex Global, the international arm of the exchange based in Liechtenstein that caters to non-U.S. customers.
In an announcement published on its website on Friday (March 31), Bittrex provided a timeline for customers to withdraw their funds and cease trading activities. Users have until April 7, 2023, to set up bank accounts for wire transfers, and trading will come to a halt on April 14, 2023. Fiat wire withdrawal and ACH withdrawal deadlines are April 24 and April 27, 2023, respectively. April 29, 2023, will be the last full day for users to withdraw their cryptocurrency, with Bittrex US operations officially ceasing on April 30, 2023.
The exchange recommends that users withdraw their funds as soon as possible to avoid potential delays. Guidelines for fiat withdrawals via ACH and wire transfers and instructions for cryptocurrency withdrawals have been provided.
If a user’s withdrawal amount is below the minimum threshold, Bittrex suggests trading the funds into another currency with a lower minimum withdrawal amount and then withdrawing the new currency. Pending withdrawals remaining after April 29, 2023, will be canceled.
Those who fail to withdraw their funds by the deadline may face account disablement, and any remaining funds could become unavailable for an extended period. Users with balances larger than their withdrawal limits may need to break up withdrawals over several days. Bittrex aims to ensure that all wallets are online before the withdrawal deadline expires, but it cannot guarantee this for every wallet.
Trading will be allowed until April 14, 2023, after which open positions will be closed, and pending orders will be canceled. Bittrex will not be responsible or liable for any losses or unrealized gains resulting from the termination of pending orders.
Currently, deposits to Bittrex accounts are closed, and users will have no claim to any funds sent to their deposit addresses once operations cease. The Bittrex U.S. Referral program and the Bittrex U.S. Staking program have been terminated, with rewards to be paid out by April 5, 2023.
Here is what the Bittrex CEO had to say:
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