Cryptocurrency Exchange

Bittrex International Ceases Operations in Venezuela and 30 other Countries

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Bittrex International, the Seattle based global trading platform, has decided to cease operations in 31 countries that include Venezuela and Zimbabwe. The company has informed its clients, based on these affected countries, that they would not be able to use the company’s services anymore. Bittrex has cited reasons for regulatory uncertainty and other compliance issues prevailing in these nations, which is creating much political turmoil in these nations that prompted Bittrex to take such a decision. However, the reason does not solidify the prompt decision taken on behalf of the company.

The announcement published on the company’s website reads, “All trading and account access for these impacted customers will be halted on Tuesday, October 29 date at 19:00 UTC/21:00 CEST.” Bittrex’s management also sent an email to the customers based in Venezuela, requesting them to withdraw their funds from Bittrex’s platform before that date. To do so, the users will have to log into the international account of Bittrex, then click on the “Holdings” tab on the wallet and then click the “withdrawal” button. However, if the balance is below a certain limit, the company will withhold the withdrawal. In this connection, the company made it very clear in a note published, which says, “The minimum withdrawal for all coins must be greater than 3 times the fee.”

However, Venezuela is not the only country that is being delisted by Bittrex. Thirty other countries, including Bosnia, Cambodia, Afghanistan, the Central African Republic, Egypt, Ethiopia, Ivory Coast, The Democratic Republic of the Congo, Tunisia, Yemen, Uganda, are also on the list, where Bittrex is going to halt its services.

Venezuelan Citizens are left devastated with the company’s decision to withdraw tokens as they have become increasingly reliant on the decentralized digital assets, particularly Bitcoin.  This has even led the nation’s own currency Bolivar to become useless due to hyperinflationary levels prevailing in the market.

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