Bittrex Global Ceases Operations and Trading
After filing for bankruptcy in the US earlier this year, Bittrex Global, the international arm of the beleaguered crypto exchange, has decided to shut down its operations, terminating all trading activity on December 4th.
While no firm deadline for withdrawal has been set, Bittrex Global urges customers to withdraw their assets as soon as possible, as liquidators may impose a withdrawal deadline in the future.
Customers are also advised that they cannot directly withdraw US dollar holdings and will need to convert any USD to either crypto or euros before the December 4th deadline.
Regulatory Challenges
The troubles for Bittrex Global began when its US affiliate filed for bankruptcy after the SEC charged the exchange and its former CEO with operating an unregistered national securities exchange, broker, and clearing agency.
The SEC’s charges also extended to Bittrex Global for failing to register as a national securities exchange in connection with the operation of a shared order book with the US-based company.
Winding Down Operations
The exchange had already begun winding down its operations in the US in late March, and the latest announcement indicates that the international arm is now following suit.
Hot Take: Bittrex Global Bows Out Amid Regulatory Woes
Amid mounting regulatory challenges, Bittrex Global has announced its decision to cease operations, culminating in the cessation of all trading activities. The exchange’s troubles began with legal troubles in the US, followed by the decision to wind down operations, with the international arm being the latest casualty in the ongoing saga of regulatory challenges faced by the exchange.
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