Bittrex Terminates Services For Users in Seven Countries

Vandana  |  Sep 11, 2020

Bittrex, one of the popular exchanges, has terminated its services for its users in seven countries. Among these seven countries, Belarus and Ukraine are the major ones and the remaining five are Burundi, Mali, Myanmar, Nicaragua, and Panama. 

According to the notification released by Bittrex, they are unable to provide their services in the following countries due to regulatory reasons. 

Bittrex asks clients to withdraw funds within 14 days

While announcing the termination of services, Bittrex has also mentioned that they will be given several days to the customers to withdraw their funds. The firm has mentioned that all the fiat deposits have been terminated by them and the customers to withdraw their funds from the platform. They have been given a time period of 14 days to complete the whole withdrawal process. Along with this, the exchange has also specified that after these 14 days, they will be disabling all the remaining accounts from their platform. There is not any clarification about whether customers will be able to withdraw their funds even after the deadline or not.

Restrictions are not new from the exchange 

This termination of service cannot be seen as something new for Bittrex as earlier it has terminated its services from 31 other countries also. The one thing that is surprising is terminating services from Ukraine. The reason is that Ukraine has been ranked as the top country to adopt cryptocurrencies across the world by Chainalysis. Along with Ukraine, Belarus also comes as the one that might be seeing a huge crypto adoption anytime soon due to the political unrest in the country. This step by Bittrex for terminating services in major countries like Ukraine and Belarus might prove wrong for the exchange due to the increase in crypto and virtual currency adoption in these countries.

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