Apart from Malta, OKX has encountered regulatory troubles in other countries. The exchange is facing regulatory hurdles in India and has asked users to stop trading margins, perpetuals, and futures options.
Among the 46 legal actions initiated in 2023, 57% specifically targeted fraud, while 61% accused defendants of vending unauthorized products to US customers.
The affected cryptocurrency exchanges have responded cautiously, stating their commitment to comply with local laws while minimizing disruptions to their services.
Presently, India is working on a crypto regulatory framework that is scheduled to take effect in 2024. The framework is based on a joint recommendation of both the International Monetary Fund and the Financial Stability Board.
Bittrex stated that the decision to cease operations was not taken lightly, acknowledging the inconvenience this may cause to its customers.
The US SEC filed a complaint against Bittrex on April 17 with the US District Court for the Western District of Washington alleging the exchange listed unregistered securities.
The Bittrex motion to dismiss in its legal case with the SEC is similar to an earlier Coinbase filing as they both claim the SEC is operating outside its authority.
Earlier this year, the Seattle-based crypto exchange Bittrex announced its intent to wind down all its operations in the United States following heightened regulatory scrutiny by the SEC.
The SEC chair previously indicated that all cryptocurrencies apart from BTC are securities.
The SEC crackdown on crypto firms has intensified significantly since the bear market of last year incited by several collapses and bankruptcy filings of crypto exchanges.
Biden’s latest action against crypto has garnered several opposing reactions from the crypto community.
Bittrex has been asking the SEC for clarity as to which digital assets on the platform constitute a security, however, it received no response from the agency.
It is becoming a trend that the SEC is choosing enforcement actions over dialogue.
Ahead of the highly anticipated launch of its play-to-earn game, Polker has listed its native token PKR on Bittrex. This exciting development is expected to increase the adoption of PKR as more people can now purchase the token.
YeFi.one will list it’s token, YEFI, on the major cryptocurrency exchange, Bittrex Global.