Bittrex, the once-leading US cryptocurrency exchange, is shutting down after its trading volume fell below 1% of the total market volume.
A statement came from the CEO of Bittrex, who recently made a statement about US operations. The CEO blamed regulatory uncertainties in the US.
Bittrex’s Market Cap Is Not Even 1% Of The Total
Things are not going well at Bittrex, which was formerly the most used exchange in the USA. The company’s transaction volumes in the total market fell below one percent. As it was announced that the company would withdraw from the US, the CEO blamed the uncertain regulatory environment.
In a message to customers across the country on Friday, co-founder and CEO Richie Lai wrote:
“It is not economically viable for us to continue operating in the current US regulatory and economic environment. Regulatory requirements are often vague and enforced without appropriate discussion or input, resulting in an environment of unequal competition.”
Bittrex is not the only one suffering from this condition. Coinbase, Binance and other crypto exchanges are also waiting for clarity from regulators in the US.
Apart from regulatory uncertainties, the use of the stock market was also decreasing day by day. The data shows that over the last few years, Bittrex’s market volume has dropped and it has become a disused exchange.
Citing Planform’s Bitcoin volume of just $4.5 million in the last 24 hours, its volumes in the US were interpreted as too low to be worth the effort to keep operations.
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