Bittrex Global to Cease Operations
Liechtenstein-based exchange Bittrex Global has announced its plans to wind down operations and stop all trading on its platform by December 4. This decision comes after facing a series of regulatory challenges, including the closure of its U.S. operations earlier this year due to economic viability concerns following a lawsuit and a $29 million settlement with the SEC over alleged securities laws violations.
Winding Down Process
The company posted on Twitter, urging all customers to log into their accounts and withdraw their assets as soon as possible. After December 4, customers will only be able to withdraw assets as part of the winding down process. This move follows the closure of its U.S. operations, which was a sign of challenges to come for the global exchange.
Challenges and Support
CEO Richie Lai previously expressed concerns about the unclear and uneven regulatory environment surrounding crypto. As part of the wind-down process, Bittrex Global has stopped its referral program and promotions. The company has assured its customers that its team is available to assist users with any questions or concerns they may have during this period.
Hot Take: Bittrex Global Bids Farewell
Bittrex Global has faced regulatory and economic struggles that have led to the decision to cease operations. The closure of its U.S. operations earlier this year was a sign of the challenges to come for the global exchange. As one of the top 100 crypto exchanges, the wind-down process will involve discontinuing promotions and the referral program. The company has pledged to support its customers during this transition, making its team available to address any questions or concerns.
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