And it’s dry and dark. What could be worse than a bear market for participants in the cryptocurrency industry? The U.S. Securities and Exchange Commission (SEC) doesn’t know when it will pull its dirty regulatory tricks. In August last year, in order to bury the hatchet with the Bittrex platform, the two parties reached a settlement with a fine of US$24 million. But this is clearly not enough. Because its subsidiary Bittrex Global has just announced the official end of all operations.
Bittrex surrenders
It’s hard not to take a rather negative view of the SEC’s aggressive approach to the cryptocurrency space. Because the regulator will receive a settlement of a $25 million fine a few months ago and will no longer interfere with the Bittrex platform. But in the wake of that, its customers now find themselves facing a company unable to manage the market share losses that have occurred in recent years.
Bittrex Global ceases all trading activity
Therefore, it is with great regret that Bittrex Global has just officially announced the end of all trading activity. The move comes as no surprise after its U.S. subsidiary filed for bankruptcy last May. Therefore, the circle is closed…
“Effective Monday, December 4, 2023, all trading activity on Bittrex Global will be deactivated. After this date, customers will only be able to withdraw assets during the liquidation process. »
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Bittrex: Withdraw your funds as soon as possible
Once on the podium of major U.S. crypto players, it was a real blow to the platform. Its global chief executive, Oliver Linch, also assured months ago that his U.S. customers could switch to his global entities in order to “continue doing business with non-U.S. suppliers.”
However, the purpose of the Bittrex Global platform is to provide peace of mind. Even though it very clearly encourages users to “log in to your account and withdraw your assets as soon as possible.” That is to say, before December 4 to avoid falling into lengthy bankruptcy proceedings.Special Dedication The FTX Nightmare Is Still Ongoing
“We are committed to facilitating a smooth and transparent liquidation process during this period. All funds and tokens are safe on the Bittrex Global platform and can be withdrawn at any time using the withdrawal functionality on the platform in accordance with applicable law and our Terms of Use. »
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Thus, the Bittrex Global platform expands the list of cryptocurrency players that will not survive the deadly recipe of a bear market cooked with regulatory sauce. Join SEC Chairman Gary Gensler as he discusses crypto. However, these proceedings cast doubt on its true desire to protect U.S. investors.
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