Bittrex Global has announced that all trading will be suspended as operations continue to decline
Liechtenstein-headquartered cryptocurrency exchange Bittrex Global announced on December 4 that it plans to ease operations, starting with the suspension of trading.
Bittrex Global said in a Nov. 20 update to its website that all users with US dollar holdings risk not being able to convert their funds to euros or cryptocurrencies before Dec. 4 or withdraw their assets. On December 4, the platform will stop trading activities and only allow certain expenses.
“This decision is not an easy one, and we understand the inconvenience it may cause to our valued customers,” said Bittrex Global.
Forum added:
“Do not make any deposits on our platform. We do not guarantee that they will be received safely. If you send a deposit, your funds may be permanently lost due to the attempt.”
It is with great regret that we inform you that Bittrex Global has decided to cease operations.
As of Monday 4 December 2023, all trading on Bittrex Global will cease. After that date, customers can withdraw the assets as part of the…
— Bittrex Global (@BittrexGlobal) November 20, 2023
The announcement comes nine months after its US-based arm, Bittrex, announced plans to scale back operations in the country from April 30 “due to continued regulatory uncertainty”. In April, the US Securities and Exchange Commission (SEC) sued Bittrex as an unregistered exchange, broker and clearing agency.
Related: Bittrex shutdown over US and SEC actions – Bittrex Global CEO at Consensus 2023
Bittrex filed for Chapter 11 protection in U.S. Bankruptcy Court in May and settled its case with the SEC in August for $24 million in penalties and interest. After being approved by the Delaware bankruptcy court, the platform reopened withdrawals for users.
The SEC also charged Bittrex Global in April “with respect to its joint order book operations with Bittrex.” It's unclear whether the regulator's actions contributed to the crypto exchange, which is headquartered in Liechtenstein, announcing it has suspended operations.
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