Bittrex Global to Cease Operations on December 4 Following U.S. Arm’s Bankruptcy
Crypto News – Bittrex Global, a cryptocurrency exchange, has made the decision to wind down its operations, marking the end of an era in the wake of its U.S. subsidiary‘s bankruptcy and subsequent cessation of activities. In an announcement made on Monday, the exchange informed its user base of the impending cessation of trading activities, which is scheduled for December 4th.
Customers are urged to conclude all essential transactions before this date, as only withdrawal services will be available thereafter. Notably, the exchange, which operates under regulatory oversight from Lichtenstein and Bermuda, did not provide specific reasons for this strategic shift.
This development follows the unfortunate bankruptcy filing by Bittrex.US in May, which occurred subsequent to legal action taken against both Bittrex Global and Bittrex.US by the U.S. Securities and Exchange Commission (SEC). The SEC alleged that the entities had been operating as a national securities exchange without obtaining the necessary approvals.
Bittrex Global’s CEO, Oliver Linch, had previously expressed the company’s determination to vigorously contest the charges levied by the SEC. Bittrex.US ceased its operations in April and subsequently reached a settlement with the SEC amounting to $24 million in August.
In a statement, the company expressed deep regret over the decision to wind down its operations, acknowledging the inconvenience this may cause to its valued customer base.