Crypto Exchange Bittrex Global is Ceasing Operations
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
