Bittrex Global announces all trading will be disabled as it winds down operations

Liechtenstein-headquartered cryptocurrency alternate Bittrex Global has introduced it plans to wind down operations, beginning with the suspension of trading exercise on Dec. 4. 

In a Nov. 20 replace revealed to its web site, Bittrex Global mentioned all customers with U.S. greenback holdings wanted to transform their funds to euros or cryptocurrency earlier than Dec. 4 or threat being unable to withdraw the belongings. On Dec. 4, the platform will droop trading actions and solely permit sure withdrawals.

“This choice was not made flippantly, and we perceive the inconvenience it could have on our valued prospects,” mentioned Bittrex Global.

The platform added:

“Don’t make any deposits to our platform. We can’t assure that they will be obtained safely. When you do ship a deposit, your funds could be completely misplaced as a results of the tried switch.”

It’s with nice remorse that we inform you that Bittrex Global has determined to wind down its operations.

Efficient Monday 4 December 2023, all trading exercise on Bittrex Global will be disabled. After that date, prospects will solely be capable of withdraw belongings as a part of the…

— Bittrex Global (@BittrexGlobal) November 20, 2023

The announcement got here roughly 9 months after its United States-based arm, Bittrex, mentioned it planned to wind down operations within the nation beginning on April 30 “because of continued regulatory uncertainty.” In April, the U.S. Securities and Change Fee charged Bittrex for operating as an unregistered exchange, dealer and clearing company.

Associated: On the shutdown of Bittrex in the US and SEC actions — Bittrex Global CEO at Consensus 2023

Bittrex filed for Chapter 11 safety in U.S. chapter court docket in Might and settled its case with the SEC for $24 million in penalties and curiosity in August. The platform reopened withdrawals for customers following approval in Delaware chapter court docket.

The SEC additionally charged Bittrex Global in April “in reference to its operation of a single shared order e book together with Bittrex.” It’s unclear whether or not the regulator’s actions contributed to the crypto alternate, headquartered in Liechtenstein, asserting the winding down of operations. 

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