Bittrex Cryptocurrency exchange a Europe-based international trading platform officially declared on Oct 18 to cease operation in Venezuela and a30 other countries.
The international trading platform, which is originally a Seattle- based digital assets informed in an email to Venezuelan customers, Bittrex stated that the exchange would cease account and trading access to a user on Oct 29, and asked them to withdraw their money before the given date.
31 countries pull out of the race
The company stated to the Coin telegraph that all the trading and account access for users in Afghanistan, Egypt, Bosnia-Herzegowina, Botswana, Cambodia, Central African Republic, Democratic Republic of Congo, Côte d'Ivoire, Ethiopia, Eritrea, Ghana, Guinea, Guinea-Bissau, Guyana, Iraq, Laos, Lebanon, Libya, Maldives, Pakistan, Sri Lanka, Somalia, Sudan, South Sudan, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Venezuela, Yemen, Zimbabwe will be discontinued.
Coming to the withdrawing process, the customers need to generate an address using the same wallet where they would like to receive their deposits. Moreover, the currency withdrawal fee on Bittrex international is 0.0005 BTC and therefore, to be able to withdraw, users must have deposits at least .00150001 BTC.
As per the previous reports, Venezuela was relying on decentralized cryptocurrencies such as Bitcoin (BTC) to avoid sanctions by the U.S. Venezuela's national oil-pegged cryptocurrency, Petro (PTR) was also, designed to allow the country to get access to new forms of international financing as well as to skirt sanctions.