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Due to difficult regulations and harsh economic conditions, the popular cryptocurrency exchange platform Bittrex has announced that it will cease operation in the United States.
Bittrex, which was established in 2013 by Bill Shihara, Richie Lai, and Rami Kawach, has long been a major player in the cryptocurrency market. However, Bittrex Global, the international division of the Liechtenstein-based exchange that serves non-U.S. customers, is unaffected by this decision.
This announcement was published on its website on March 31. Bittrex has given its customers a deadline for withdrawing their funds. They have until April 7 to open up bank accounts for wire transactions, and until April 14 before trading on the platform comes to an end. The deadlines for ACH withdrawals and Fiat wire withdrawals are April 24 and April 27, respectively. Users will have until April 29 to withdraw all their crypto funds before Bittrex’s U.S. operations come to an end on April 30, 2023.
Urgent Directives
In order to prevent delays, the exchange platform advises users to withdraw their money as quickly as possible. Instructions for cryptocurrency withdrawals as well as ACH and wire transfer withdrawal policies have been provided.
Bittrex advises users to convert their assets into a currency with a lower minimum withdrawal amount before withdrawing the new currency if their withdrawal amount falls below the minimum threshold. After April 29, all pending withdrawals will be canceled.
Failure to remove funds by the deadline may result in account disablement, and any unused funds may become inaccessible for a lengthy period of time. Customers may need to spread withdrawals out over several days if their balances are higher than their withdrawal limitations. While Bittrex strives to have every wallet up prior to the deadline, it will be very difficult to fulfill this promise for every wallet.
Trading on the platform may still go on until April 14. However, for every open position, all unrealized gain on pending orders before the deadline will be terminated. Bittrex will not be held responsible for such losses.
Deposits to Bittrex accounts are currently closed, and after operations end, customers will no longer be able to claim any money provided to their deposit addresses. Both the Bittrex U.S. Staking and Referral programs have been discontinued, and all remaining awards must be paid out by April 5, 2023.
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