Bittrex Global Announces Shutdown by December
Bittrex Global, a UK-based cryptocurrency exchange, has announced that it will cease all trading activity by December 4, 2023. This decision comes after the exchange filed for bankruptcy protection earlier this year.
The statement released by Bittrex Global on November 20 states, “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 winding down process.”
This announcement comes after Bittrex, the U.S. counterpart, revealed plans to terminate its operations in the country due to regulatory uncertainty.
In its announcement, Bittrex Global also stated the immediate termination of its referral program and promotions, and emphasized the security of funds and tokens on the platform.
Customers with USD balances have been advised to convert their holdings into EUR or cryptocurrency before the suspension to facilitate withdrawals.
Bittrex Global’s Regulatory Challenges
Bittrex Global, once one of the largest exchanges in the United States, has faced challenges due to regulatory scrutiny and increased competition among crypto exchanges. Bittrex’s U.S. division filed for Chapter 11 bankruptcy after facing SEC charges for violating securities laws earlier this year, resulting in a $24 million fine. The exchange was accused of allowing U.S. investors to invest in unregistered securities and was forced to shut down its U.S. exchange due to the harsh regulatory environment.
### News source: cryptopotato.com