Bittrex Global, the cryptocurrency exchange headquartered in Liechtenstein, has declared its decision to wind down operations, initiating the process with the suspension of trading activities on December 4.
According to the announcement on its official website, Bittrex Global has informed users holding U.S. dollars that they must convert their funds to euros or other cryptocurrencies before the specified date. Failure to do so by December 4 could result in users being unable to withdraw their assets.
The platform emphasized the importance of this conversion and urged users to take necessary action to avoid any inconvenience. Bittrex Global expressed understanding for the potential inconvenience caused by this decision, stating, “This decision was not made lightly, and we understand the inconvenience it may have on our valued customers.”
Additionally, the platform cautioned users against making any deposits, as it cannot guarantee the safe receipt of funds. Deposits made after the specified date may risk permanent loss due to the suspension of transfer activities.
Bittrex’s Regulatory Woes & Operation Wind-Down
This development follows the exchange’s announcement approximately nine months ago, where its U.S.-based arm revealed plans to wind down operations in the country starting on April 30, citing ongoing regulatory uncertainty. In April, the U.S. Securities and Exchange Commission (SEC) charged the exchange for operating as an unregistered exchange, broker, and clearing agency.
Subsequently, the exchange filed for Chapter 11 protection in U.S. bankruptcy court in May. In August, the platform reached a settlement with the SEC, agreeing to pay $24 million in penalties and interest. Following approval in Delaware bankruptcy court, the exchange reopened withdrawals for its users.
Notably, the SEC also charged Bittrex Global in April in connection with its operation of a shared order book alongside Bittrex. Whether these regulatory actions played a role in the decision to wind down operations remains unclear at this time.
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