Cryptocurrency exchange Bittrex received court approval on Monday to shut down its U.S. operations after its bankruptcy plan was approved.
Judge Brendan Shannon approved Bittrex's bankruptcy plan at a court hearing in Wilmington, Delaware, allowing the company's liquidation plan to fully repay its remaining creditors.
According to the Reuters news agency, Bittrex decided in May to shut down its U.S. operations and return assets to clients after being charged by the U.S. Securities and Exchange Commission with operating an unregistered securities exchange. A $24 million settlement was reached between Bittrex and the U.S. regulator in August.
At the same time, Bittrex said that the closure of the U.S. unit would not affect its global business.
Bittrex attorney Patricia Tomasko said that clients withdrew about $143 million in cryptocurrency during the exchange's bankruptcy process.
It's worth noting that Bittrex had no cash shortage at the time of its decision to cease operations, and it did not block users from accessing their accounts, urging them to withdraw funds before filing for bankruptcy.
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