It has just been revealed that the important crypto exchange Bittrex Global unveiled plans to cease operations. Check out the latest reports about this below.
Bittrex Global to cease operations
Bittrex Global, a crypto exchange that faced several regulatory challenges this year, has decided to wind down its operations.
This decision follows the bankruptcy filing by its US-based arm. The exchange will stop all trading activities on December 4th.
Although there is no concrete deadline for withdrawals, Bittrex Global recommends its customers to withdraw their assets as soon as possible, as a withdrawal deadline may be set by the liquidators in the future.
It is important to note that customers cannot withdraw US dollar holdings directly, and they will have to convert their USD to crypto or euros before the December 4th deadline.
In May, Bittrex Global’s US affiliate declared bankruptcy after being charged by the SEC for operating an unregistered national securities exchange, broker, and clearing agency.
Although Bittrex Global claimed that the bankruptcy announcement would not affect their operations, the SEC also charged them for failing to register as a national securities exchange due to their shared order book with the Seattle-based company.
Co-founder and former CEO William Shihara was also charged in the incident.
Not too long ago, we revealed that a U.S. court had given approval to cryptocurrency exchange Bittrex’s revised bankruptcy plan to shut down its operations.
The court filing revealed that Judge Brendan Shannon approved the company’s plan to repay remaining creditors through liquidation.
The filing also stated that the court had resolved the SEC’s informal comments and would enter a revised proposed order.
In May, Bittrex filed for Chapter 11 bankruptcy after being charged by the Securities and Exchange Commission for operating an unregistered exchange. In August, the company settled with the SEC for $24 million.
