Bittrex to Shut Down US Business Amid ‘Regulatory Uncertainty’

The decision is based on the “sad reality” of lawmakers in the country “seemingly committed to extinguishing the industry,” according to the Bittrex CEO


Sharaf MaksumovShutterstock, modified by Blockworks


Bittrex is shutting down its US operations, the crypto exchange’s co-founder said Friday, citing “regulatory uncertainty” and an unwillingness by lawmakers to embrace innovation. 

While Bittrex Global will continue to operate, Bittrex US is set to close on April 30. Customer funds are safe and can be withdrawn until then, Bittrex CEO Richie Lai said in a statement.    

“The sad reality is that while policymakers and regulators in jurisdictions around the world work with digital asset exchanges on shaping the future of the global economy, their US counterparts are seemingly committed to extinguishing the industry and sending it overseas,” Lai added.

Bittrex Global remains regulated in Bermuda and Liechtenstein, the CEO said, noting that it would look to continue growing that business.  

The company’s decision to wind down its US arm comes as regulators in the country have initiated a string of enforcement actions against crypto firms in recent weeks and months. 

Bittrex itself had faced regulatory hurdles before, agreeing to pay $24.3 million to the US Treasury last October for allegedly violating US sanctions.

A company spokesperson said at the time the company was “pleased to have fully resolved this matter with OFAC and FinCEN on mutually agreeable terms.” 

More recently, the SEC issued Coinbase a Wells Notice from the SEC last week. The same day, the commission launched a suit against Tron network founder Justin Sun for allegedly selling unregistered securities. Coinbase said it doesn’t list securities, while Sun tweeted the complaint regarding Tron “lacks merit.”

A Coinbase blog published Wednesday argued a lack of crypto regulatory clarity in the US could cause its loss of developer share in the coming years “as web3 development moves overseas” — citing a report by Electric Capital.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Circle’s Cross-Chain Transfer Protocol: Bridges Will Evolve, They May Not Survive


CCTP is a cross-chain infrastructure protocol, created by Circle, that allows anyone to burn and mint native USDC across supported chains. It unlocks a huge variety of use cases and may change the bridging landscape.



Decisions made by the DAO will be automatically implemented from mainnet to different sidechains


Debt ceiling resolution and bullish Asia news may be setting up the market for increased volatility this week


Republican congressman Warren Davidson highlighted the blockage of proposed taxes in the US debt ceiling deal


The decision to back the exchange, which negatively impacted Temasek’s reputation, has resulted in a pay cut for those behind its doomed $275 million investment


Blockchains should empower individuals, not subject them to the most invasive surveillance the web has ever seen


DeSantis says that the Biden administration will ban Bitcoin. Good luck with that.