Tuesday, June 6, 2023

Bittrex Global CEO Says Cryptocurrencies Will Be Part of Traditional Finance in 5-10 Years

The CEO of cryptocurrency exchange Bittrex Global suggests that cryptocurrencies should be established as an “entirely new” component of traditional finance, rather than trying to integrate into existing financial products.

The company’s US division recently filed for Chapter 11 bankruptcy and announced its intention to return client funds and cease US operations. Global operations will not be affected by this, he said.

Speaking to Cointelegraph at Bitcoin Miami on May 18, Oliver Lynch, CEO of Bittrex Global, said that in many places – including the United States – regulators view cryptocurrencies through the lens of traditional finance, while trying to understand its nature. Let’s work

I’m going to Miami this week for @TheBitcoinConf! I’m honored to be a part of the “What Happened: Exchange/FTX” panel this Thursday. Join me on Nakamoto main stage with @stephanlivera, @luledemmissie and @Leishman. See you there!

However, he argues that trying to view cryptocurrencies through the “prism of traditional finance” is ineffective.

Instead, cryptocurrencies should be a “whole new thing” […]Lynch said, aligning with the same fundamental principles as other traditional financial products still in the traditional finance sector:

“You have securities, you have derivatives, you have cryptocurrencies. It’s just another component, isn’t it?”

Furthermore, Lynch stressed that the “strongest regulatory regimes” belong to countries that are truly committed to “crypto-on-crypto zone terms.”

In an ideal world, Lynch suggested that “five to 10 years from now,” cryptocurrencies would be seamlessly integrated into traditional finance, and events like “Bitcoin Miami should not exist.”

The US division of the cryptocurrency exchange announced on April 1 that it would cease operations on April 30, citing a difficult regulatory and economic environment in the United States.

Richie Lai, co-founder and CEO, said that as the cryptocurrency ecosystem evolved, regulatory requirements were becoming more “confusing” and “implemented without proper discussion and participation,” resulting in an uneven competitive picture. .

He added that this environment has made it financially unviable for Bittrex to continue operating in the United States.

Disclaimer: The information and/or opinions expressed in this article do not represent the views or editorial line of Cointelegraph. The information presented here should not be construed as financial advice or investment recommendation. All investments and commercial dealings involve risk and it is the responsibility of each individual to conduct appropriate research before making any investment decision.

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