- Bittrex U.S ceased operations in April and settled with the SEC for $24M in August.
- The closure of Bittrex Global also includes the end of all promotions and the referral scheme.
Just months after its U.S subsidiary was shuttered, crypto exchange Bittrex Global is reportedly closing down operations. Following Bittrex US’s bankruptcy filing in Delaware in May, the duo were sued by the U.S SEC for running a securities exchange without proper authorizations. This ultimately led to the closure.
After “all necessary transactions” have been completed by Dec. 4, trading on the platform will halt, and users will only be allowed to make withdrawals. The exchange did not provide an explanation for the decision.
Enforcement by Action
Bittrex Global’s CEO Oliver Linch has previously stated the exchange’s intention to fight the SEC accusations “vigorously.” Bittrex U.S ceased operations in April and settled with the SEC for $24M in August.
The exchange stated:
“It is with great regret that we announce that Bittrex Global has decided to wind down its operations. This decision was not made lightly, and we understand the inconvenience it may have on our valued customers.”
Bittrex co-founder Richie Lai voiced his displeasure with the present state of crypto regulation in March. In a statement made at the time, he argued that regulatory standards are often confusing and imposed without proper consultation or input, leading to an unfair playing field for competitors.
As anticipated, Bittrex had shut down its operations in the United States, and now the global trading platform has followed suit. The closure of Bittrex Global also includes the end of all promotions and the referral scheme.
As part of its commitment to its clients, the firm has said that its personnel will be accessible to answer inquiries and address problems during the shutdown phase.
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