Bitrue, a cryptocurrency exchange that focuses on XRP and offers a variety of financial services, has announced that it will no longer serve customers in the United States due to regulatory uncertainty.
Regulatory Uncertainty Cited as the Reason for Cryptocurrency Exchange to Withdraw from the US
The exchange announced its decision in an email to one of its users who shared it on social media.
The e-mail included the following statements:
“Dear User,
Thank you for contacting us.
Unfortunately, we are currently unable to offer services in the United States due to regulatory uncertainty in your area.
We hope you will understand this situation.
Thank you very much for your understanding. If you need further assistance, please do not hesitate to contact us. We wish you a nice day!
Regards"
The email does not specify when the service will be terminated or what will happen to existing US customers' funds and accounts. Also, there is no mention of any alternative platforms or options for affected users.
Bitrue is one of the leading crypto exchanges that supports XRP, the native currency of the Ripple network. It also offers various features such as spot trading, futures trading, leveraged ETFs, loans and interest-earning products. According to its website, Bitrue has more than 4 million registered users and a daily trading volume of over $1 billion.
Bitrue's withdrawal from the US has been a setback for XRP enthusiasts and investors, who have been facing legal troubles and uncertainty since the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple in December 2020.
The SEC alleges that Ripple and its executives are selling XRP as unregistered securities, violating federal law. Ripple denies the allegations and argues that XRP is a digital currency, not a security.
*Not investment advice.