Bittrex announced late yesterday that it would cease all operations after its legal troubles with the US Securities and Exchange Commission (SEC) forced it to file for bankruptcy in the United States. The company will cease all its global operations after the SEC’s onslaught.
Yet another cryptocurrency exchange has decided to exit the market, as Bittrex Global, originally hailing from Liechtenstein, has declared its intention to halt trading and operations involving US dollars from the start of December.
The move follows a series of actions initiated by the US Securities and Exchange Commission (SEC), which began in April this year and ultimately resulted in the closure of the platform’s distinct US branch.
On the 20th of November, the cryptocurrency exchange conveyed its decision, albeit with regret, to discontinue its ongoing operations. Consequently, trading activities on the platform will halt starting on December 4th. Beyond this date, users can only withdraw their existing funds.
In its announcement, Bittrex Global urged all its customers to promptly log into their accounts and initiate the withdrawal process for their assets as soon as possible, emphasising the importance of timely action.
Simultaneously, the exchange has issued a request to its users holding funds in US dollars, urging them to convert these holdings into euros or cryptocurrencies before the specified date. Failing to do so may result in an inability to withdraw their funds beyond the mentioned deadline.
Furthermore, the platform issued a stern warning against depositing any new funds, cautioning users that the safety of such deposits could not be guaranteed. There was a clear risk that any attempts to transfer new deposits might lead to permanent loss of the funds involved.
The exchange’s troubles first surfaced in April when it declared its plans to exit the US market, citing regulatory challenges as the driving force behind this decision. Two weeks after this announcement, the US Securities and Exchange Commission (SEC) took legal action against the platform.