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Bittrex Global to Cease Operations, Following US Counterpart: Trading Suspension and Fund Conversion Announced

CryptoBittrex Global to Cease Operations, Following US Counterpart: Trading Suspension and Fund Conversion Announced

Liechtenstein-based cryptocurrency exchange Bittrex Global has announced its gradual cessation of operations, starting with the suspension of trading activities on December 4. This decision follows a similar move by its US counterpart, Bittrex, which decided to wind down operations in the United States earlier this year due to regulatory uncertainties.

Key points:

  1. Conversion of Funds:
    • Users holding funds in US dollars on Bittrex Global are advised to convert them to euros or cryptocurrency before December 4 to facilitate the withdrawal of their assets.
    • After the suspension of trading, the platform will only allow certain types of withdrawals.
  2. Cautionary Warning:
    • Bittrex Global warns against making new deposits during this phase, as the safety of such transactions cannot be guaranteed.
    • Deposits made during the wind-down period could result in permanent loss.
  3. Background:
    • Bittrex US had filed for Chapter 11 protection in a US bankruptcy court earlier this year.
    • In August, Bittrex reached a settlement with the US Securities and Exchange Commission (SEC), involving $24 million in penalties and interest.
    • The SEC had charged Bittrex for operating as an unregistered exchange, broker, and clearing agency.

The decision to wind down operations by both Bittrex US and Bittrex Global is significant and may reflect the challenges and uncertainties faced by cryptocurrency exchanges in navigating regulatory landscapes.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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