Bittrex Closes for Good after SEC Onslaught
Another
cryptocurrency exchange has just announced that it is disappearing from the
market. Bittrex, originating from Liechtenstein, will suspend trading and
operations in US dollars from the beginning of next month. This is the
aftermath of the actions of the US Securities and Exchange Commission (SEC) that began in April, which led to the closure of the platform’s branch in the USA.
Bittrex Global Ends
Operations
On 20
November, the cryptocurrency exchange announced “with great regret”
that it had decided to end its current operations. As a result, trading on the
platform will be suspended from December 4, and after that date, users will
only be able to withdraw their funds.
“All
our customers are strongly encouraged to log into their account and withdraw
assets as soon as possible,” Bittrex Global commented.
It is with great regret that we inform you that Bittrex Global has decided to wind down its operations.
Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the…
— Bittrex Global (@BittrexGlobal) November 20, 2023
At the same
time, the exchange asks its users who have funds in US dollars to exchange them
for euros or cryptocurrencies before the mentioned date, otherwise, they may not
be able to withdraw them.
The
platform also warns against depositing new funds. “We cannot guarantee
that they will be received safely. If you do send a deposit, your funds may be
permanently lost as a result of the attempted transfer.”
It All Started with
Bittrex USA
The
exchange’s problems appeared in April when the platform announced its intention
to leave the US market due to regulatory issues. Two weeks later, the SEC filed
a lawsuit against the platform, accusing it of operating without proper
authorization, just as it did in relation to Binance and Coinbase.
From that
moment, the problems began to escalate. In May, Finance Magnates reported that
Bittrex had declared bankruptcy , the United States objected to plans to repay
US customers, and in August, the SEC additionally imposed a $24 million fine on
the platform for operating without registration.
Ultimately,
at the end of October, a US court accepted Bittrex’s bankruptcy in the USA. At
that time, however, nothing indicated that the exchange would decide to suspend
its operations in other parts of the world as well.
Bittrex was a platform with a small reach compared to its biggest competitors. A large
part of the approximately $300 million in monthly exchange volume came from the
US.
Another
cryptocurrency exchange has just announced that it is disappearing from the
market. Bittrex, originating from Liechtenstein, will suspend trading and
operations in US dollars from the beginning of next month. This is the
aftermath of the actions of the US Securities and Exchange Commission (SEC) that began in April, which led to the closure of the platform’s branch in the USA.
Bittrex Global Ends
Operations
On 20
November, the cryptocurrency exchange announced “with great regret”
that it had decided to end its current operations. As a result, trading on the
platform will be suspended from December 4, and after that date, users will
only be able to withdraw their funds.
“All
our customers are strongly encouraged to log into their account and withdraw
assets as soon as possible,” Bittrex Global commented.
It is with great regret that we inform you that Bittrex Global has decided to wind down its operations.
Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the…
— Bittrex Global (@BittrexGlobal) November 20, 2023
At the same
time, the exchange asks its users who have funds in US dollars to exchange them
for euros or cryptocurrencies before the mentioned date, otherwise, they may not
be able to withdraw them.
The
platform also warns against depositing new funds. “We cannot guarantee
that they will be received safely. If you do send a deposit, your funds may be
permanently lost as a result of the attempted transfer.”
It All Started with
Bittrex USA
The
exchange’s problems appeared in April when the platform announced its intention
to leave the US market due to regulatory issues. Two weeks later, the SEC filed
a lawsuit against the platform, accusing it of operating without proper
authorization, just as it did in relation to Binance and Coinbase.
From that
moment, the problems began to escalate. In May, Finance Magnates reported that
Bittrex had declared bankruptcy , the United States objected to plans to repay
US customers, and in August, the SEC additionally imposed a $24 million fine on
the platform for operating without registration.
Ultimately,
at the end of October, a US court accepted Bittrex’s bankruptcy in the USA. At
that time, however, nothing indicated that the exchange would decide to suspend
its operations in other parts of the world as well.
Bittrex was a platform with a small reach compared to its biggest competitors. A large
part of the approximately $300 million in monthly exchange volume came from the
US.
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