Crypto Exchange Bittrex Global to Shut Down

Crypto Exchange Bittrex Global to Shut Down

Crypto exchange Bittrex Global has announced its decision to wind down operations, just months after its U.S. arm was shut down. The trading activity on the platform is slated to cease on December 4, with the company urging its customers to complete all necessary transactions by that date. Following this, only withdrawals will be available. Bittrex Global, which is regulated in Liechtenstein and Bermuda, did not provide a specific reason for this decision in the announcement.

The move comes in the wake of Bittrex.US filing for bankruptcy in May in Delaware, subsequent to being sued by the Securities and Exchange Commission (SEC) for allegedly operating a national securities exchange without the necessary approvals. Bittrex Global CEO Oliver Linch previously stated that the company would vigorously fight the SEC charges. Bittrex.US had closed its operations in April and reached a $24 million settlement with the SEC in August.

In its announcement, Bittrex Global expressed regret over the decision, acknowledging the inconvenience it may cause to its valued customers. The exchange encouraged users to complete their necessary transactions before the specified deadline.

As Bittrex Global wraps up its operations, questions may arise regarding the broader implications for users, the reasons behind the shutdown, and the potential impact on the cryptocurrency market. 

Frequently Asked Questions (FAQs):

1. Why is Bittrex Global winding down its operations?

The exchange did not provide a specific reason but acknowledged the decision’s potential inconvenience to customers.

2. What legal challenges did Bittrex Global face in the U.S.?

Bittrex.US declared bankruptcy in May following a lawsuit by the SEC, which accused the exchange of operating as a national securities exchange without the required approvals.

3. When will trading on Bittrex Global officially cease?

Trading on the platform is scheduled to stop on December 4, 2023.

4. What actions are customers advised to take before December 4?

Customers are encouraged to complete all necessary transactions before December 4, after which only withdrawals will be available.

5. How did Bittrex Global respond to the SEC charges?

Bittrex Global CEO Oliver Linch expressed the intention to fight the SEC charges vigorously.

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About Victor Dsouza

Victor Dsouza is Crypto Journalist. He is keen to write about crypto tokens, crypto presale, you can follow him on twitter and LinkedIn.

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