Crypto News – Bittrex’s amended bankruptcy plan to shut down its U.S. operations was approved by the court.
The US arm of Bittrex Officially Shuts Down, The Bankruptcy Court Approves Petition
According to a court document, Judge Brendan Shannon accepted the company’s liquidation plan to pay off its remaining creditors on Monday during a hearing in Delaware.
As stated on the record at the Hearing, the Court ruled that it would enter a revised Proposed Order, which resolves the SEC’s informal comments,
the filing
In May, Bittrex filed for Chapter 11 bankruptcy protection following allegations of operating an unregistered exchange by the Securities and Exchange Commission. In August, the business reached a $24 million settlement with the SEC.
Bittrex Global Resumes Operations Outside the US
Bittrex Global is continuing operations abroad despite having stopped operations in the United States. Given the regulatory unpredictability in the area, Bittrex Global CEO Oliver Linch reassured people growing increasingly hesitant to do business with the United States in August, saying, “If they want to do business with a non-U.S. regulated digital asset exchange, Bittrex Global is here for you.”
According to data from The Block, Bittrex was one of the biggest exchanges in the United States at one point, with a nearly 23% market share for USD support at the beginning of 2018. But in 2021, it fell to less than 1%, and it hasn’t been back since.
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