The CEO of cryptocurrency exchange Bittrex Global said cryptocurrencies need to establish themselves as a "new" part of traditional finance, rather than trying to squeeze themselves into existing financial products.
The company's US arm recently filed for Chapter 11 bankruptcy protection, announcing its intention to return client funds and wind down US operations. It added that this would not affect global operations. On May 18, Oliver Linch, global CEO of Bittrex, sa id in an interview with Cointelegraph in Bitcoin Miami that in many places, including the United States, regulators tend to look at cryptocurrencies through the lens of traditional finance while trying to understand their value. Nature. However, he believes that trying and analyzing cryptocurrencies cies through the “prism of traditional finance” is ineffective.
Instead, cryptocurrencies should become a “new thing” in traditional finance, while still maintaining the same fundamental principles as other traditional financial products, Linch said, adding: “You have securities, you have derivatives, you have cryptocurrencies. It's just another component, right"
Lynch, on the other hand, emphasized that the “strongest regulatory regimes” that are being built are the countries that actually participate in the “Cryptocurrency Zone Terms.” In an ideal world, Lynch suggested, cryptocurrencies would seamlessly integrate into traditional finance "five" to ten years" from now, and events like "Bitcoin Miami" should not exist. The US arm of the cryptocurrency exchange announced on April 1 that it will end operations on April 30, citing a challenging regulatory and economic environment in the United States.
Co-founder and CEO Richie Lai said that as the crypto ecosystem grows, regulatory requirements become increasingly "unclear" and "enforced without proper discussion or input," resulting in an unusual competitive landscape . That environment makes it economically impossible for Bittrex to continue doing business in the US, he said.
