Bittrex Global has announced its closure
Bittrex Global has announced its closure
International cryptocurrency exchange Bittrex Global has informed its users that it will cease operations due to the challenging regulatory environment.
"As of Monday, December 4, 2023, all trading activity on Bittrex Global will cease. After this date, users will only be able to withdraw assets as part of the wind-down process," the exchange said in a statement.
Bittrex Global is advising all users to withdraw assets before the specified date. At the same time, the exchange notes that clients will not be able to withdraw assets directly in U.S. dollars but will need to convert them to euros or cryptocurrency.
In addition, Bittrex Global assured that all user funds remain safe and available for withdrawal.
Also, in connection with the termination of activities, the Bittrex Global referral program was closed, and all rewards received for transactions made up to and including November 19, 2023, will be paid in the coming days.
Recall that earlier, the SEC sued the exchange Bittrex and its former CEO, William Shihara, accusing them of operating an unregistered securities exchange. The company agreed to pay a fine of $ 24 million to settle the claims of the SEC.
It should be noted that the management of Bittrex Global said that the funds for the fine should be provided by the U.S. division of Bittrex, despite the fact that the regulator in April also brought charges against the global division.
On May 8, Bittrex US filed for bankruptcy and later asked the court to allow clients to recover their assets without the cost and delay of litigation. In June, however, U.S. authorities objected to the exchange's plans, calling them "inappropriate."
In October, 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.
Also read: Details of the SEC lawsuit against Kraken have emerged.
