financemagnates.com
Another cryptocurrency exchange has just announced that it is disappearing from the market. Bittrex, originating from Liechtenstein, will suspend trading and operations in US dollars from the beginning of next month. This is the aftermath of the actions of the US Securities and Exchange Commission (SEC) that began in April, which led to the closure of the platform's branch in the USA.
Bittrex Global Ends Operations
On 20 November, the cryptocurrency exchange announced "with great regret" that it had decided to end its current operations. As a result, trading on the platform will be suspended from December 4, and after that date, users will only be able to withdraw their funds.
"All our customers are strongly encouraged to log into their account and withdraw assets as soon as possible," Bittrex Global commented.
It is with great regret that we inform you that Bittrex Global has decided to wind down its operations.
— Bittrex Global (@BittrexGlobal) November 20, 2023
Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the…
At the same time, the exchange asks its users who have funds in US dollars to exchange them for euros or cryptocurrencies before the mentioned date, otherwise, they may not be able to withdraw them.
The platform also warns against depositing new funds. "We cannot guarantee that they will be received safely. If you do send a deposit, your funds may be permanently lost as a result of the attempted transfer."
It All Started with Bittrex USA
The exchange's problems appeared in April when the platform announced its intention to leave the US market due to regulatory issues. Two weeks later, the SEC filed a lawsuit against the platform, accusing it of operating without proper authorization, just as it did in relation to Binance and Coinbase.
From that moment, the problems began to escalate. In May, Finance Magnates reported that Bittrex had declared bankruptcy, the United States objected to plans to repay US customers, and in August, the SEC additionally imposed a $24 million fine on the platform for operating without registration.
Ultimately, at the end of October, a US court accepted Bittrex's bankruptcy in the USA. At that time, however, nothing indicated that the exchange would decide to suspend its operations in other parts of the world as well.
Bittrex was a platform with a small reach compared to its biggest competitors. A large part of the approximately $300 million in monthly exchange volume came from the US.