Liechtenstein-based cryptocurrency exchange Bittrex Global has announced that it will suspend all operations until December 4 and prepare to shut down after a fierce battle with the SEC.
A few months ago, its U.S. subsidiary Bittrex announced it would shut down operations in response to the country’s unfavorable regulatory environment.
Bittrex Global will be shutting down
According to the latest news posted on its website on November 4, Bittrex Global will begin to gradually wind down its trading operations, starting from the suspension of trading activities on December 4. The exchange’s move follows a series of regulatory challenges that have hampered operations. This includes shutting down the exchange’s U.S. operations.
Bittrex Global stated in a post on X,
“We are very sorry to announce that Bittrex Global has decided to end its operations. Customers can only withdraw assets during the liquidation process. We strongly encourage all customers to log in to their accounts and withdraw assets as soon as possible.”
Users urged to exercise caution
Bittrex also said it did not take the decision to close lightly and understands the inconvenience this may cause customers. However, the exchange urges customers not to make any deposits on the platform as it cannot guarantee safe receipt of funds and funds may be permanently lost.
“Do not make deposits to our platform. We cannot guarantee that they will be received safely. If you do send a deposit, your funds may be permanently lost due to attempted transfers.”
Bittrex shut down its U.S. exchange in March, saying it was no longer economically viable to continue operating following a $29 million settlement with the U.S. Securities and Exchange Commission over alleged violations of securities laws.
When the exchange shut down its U.S. operations, Bittrex co-founder and CEO Richie Lai said,
“Regulatory requirements are often unclear and implemented without appropriate discussion or input, resulting in an uneven competitive landscape.”
Bittrex filed for Chapter 11 protection in U.S. Bankruptcy Court in May after reaching a settlement with the SEC and paying a $24 million penalty, including interest. The platform reopened withdrawals to users after receiving approval from the Delaware Bankruptcy Court. The SEC also filed charges against Bittrex Global, accusing it of operating a single shared order book with Bittrex. It is unclear whether the SEC’s action led to the closure of the cryptocurrency exchange.
Bittrex ranks among the top 100 cryptocurrency exchanges in the world, with a 24-hour trading volume of just under $6 million. By comparison, Coinbase has a daily trading volume of $1.8 billion and Binance has a daily trading volume of $7 billion, according to CoinGecko. As part of the exchange closure process, Bittrex Global has also discontinued its referral program and ceased all promotions.
The exchange also promises to support customers throughout the process and assures users that its team will be on hand to answer any questions and resolve concerns.
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Information source: Compiled from CRYPTODAILY by 0x Information.Copyright belongs to the author and may not be reproduced without permission