Bittrex Lays Off 30% of Workforce Over 'Outright Collapse'
Main page News, US Market, Cryptocurrency Exchanges

US-based crypto exchange Bittrex has cut around 30% of its workforce, citing the "unexpected macroeconomic conditions" that happened at the end of 2022 as the reason for the cuts.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

According to a filing with the US Department of Labor Employment and Training Administration, the exchange laid off 83 people out of 284 employees. As per a leaked email on Twitter, Bittrex Chief Executive, Richie Lai, said the company had to make the decision to "ensure the long-term viability."

"The market downturn triggered by multiple failures in the crypto ecosystem became an outright collapse by the end of the year. These events have caused us to reset our strategy," Lai added.

In October last year, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) alongside Financial Crimes Enforcement Network (FinCEN) fined Bittrex $24 million and $29 million, respectively.

Kraken Closes Office in Abu Dhabi Amid Turmoil in Crypto Markets

The regulators said that the Seattle-based cryptocurrency exchange failed to meet requirements of multiple sanctions programs and violated the Bank Secrecy Act.

Bittrex particularly failed to prevent traders from sanctioned regions from using its platform to engage in approximately $263.4 million worth of crypto trades between 2014 and 2017 even though it knew about these customers based on their IPs.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error