- Bittrex Global CEO announces the possibility of crypto becoming another component of traditional financing.
- Bittrex United States shut down operations due to the harsh crypto regulatory environment in the U.S.
- Shutdown of Bittrex U.S to allegedly not affect global operations.
The CEO of Bittrex Global, a crypto trading platform, Oliver Linch, believes that crypto conferences will become a thing of the past in the next half a decade because crypto will slowly and surely become just a part of traditional financing.
Linch believes that crypto needs to focus more on establishing itself as a new component of traditional financing instead of trying to push itself into existing financial products.
Bittrex Global’s United States unit recently filed for Chapter 11 bankruptcy and announced its intentions to return customer funds and shut down operations in the United States. However, it added that this move would not impact their operations globally.
In a conversation with Cointelegraph at Bitcoin Miami, Oliver explained that several places, including the United States, have regulators who already view crypto through the lens of traditional finance. At the same time, they try to understand its nature.
Linch went on to argue that trying to understand crypto through the lens of traditional financing would be ineffective and crypto should instead be viewed as a new component in the conventional finance space while ensuring to align with the fundamental principles followed by other traditional financial products, with the existence of derivatives and securities, crypto exists and that makes it another component.
The CEO of Bittrex Global also emphasized that most countries with robust regulatory regimes engage with crypto-on-crypto zone terms. In an ideal world, in the next 5-10 years, crypto should be integrated into traditional financing, and crypto conferences like Bitcoin Miami should cease to exist.
Bittrex’s United States unit announced in April that they would be shutting down operations by the end of the month. It cited a challenge in the U.S. regulatory and economic environment as the reason behind that decision.
The crypto trading platform’s co-founder and CEO of Bittrex US, Richie Lai, stated that the evolution of the crypto ecosystem and the regulatory requirements had become unclear and constantly enforced on crypto firms without appropriate discussions or input, leading to an uneven competitive landscape.
Conclusion
The Bittrex United States announced that the increasingly harsh regulatory landscape had become too dangerous to continue to operate in, hence the decision to shut down.
However, barely a month after being charged with charges by the Securities and Exchange Commission, Bittrex was forced to file for Chapter 11 bankruptcy; the platform made its bankruptcy filing in the Delaware district, with an estimate of 100,000 creditors and assets between $500 million and $1 billion, with another $1 billion in liabilities.
