Crypto Exchange Bittrex Global is Ceasing Operations
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Bittrex Global has unveiled plans for a gradual cessation of its operations, commencing with the suspension of trading activities on December 4.
This move comes in the wake of a prior announcement from its US counterpart, Bittrex, regarding the winding down of operations in the United States due to regulatory uncertainties earlier this year.
The exchange has notified its users that those with funds in US dollars must convert them to euros or cryptocurrencies before December 4 to facilitate the withdrawal of their assets.
Post the suspension of trading, only specific types of withdrawals will be permissible on the platform.
Bittrex Global has stressed that this decision to wind down operations was reached after thorough deliberation.
Additionally, it has issued a cautionary advisory against initiating new deposits due to uncertainties surrounding the safety of such transactions, which could potentially lead to permanent loss.
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Earlier in the year, Bittrex Global filed for Chapter 11 protection in a US bankruptcy court and, subsequently, settled with the US Securities and Exchange Commission (SEC) in August, entailing penalties and interest amounting to $24 million.
The SEC had brought charges against Bittrex for functioning as an unregistered exchange, broker, and clearing agency.
However, it remains uncertain whether the SEC’s actions had a direct impact on the decision to wind down operations.