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Bittrex Global, a cryptocurrency exchange, is set to shut down its operations

Crypto Bittrex Global, a prominent cryptocurrency exchange, has recently announced its decision to wind down its operations, marking the end of an era in the crypto-trading realm. This move comes several months after the closure of its U.S. counterpart, Bittrex.US, which filed for bankruptcy in May and subsequently reached a $24 million settlement with the
Bittrex Global, a prominent cryptocurrency exchange, has recently announced its decision to wind down its operations, marking the end of an era in the crypto-trading realm. This move comes several months after the closure of its U.S. counterpart, Bittrex.US, which filed for bankruptcy in May and subsequently reached a $24 million settlement with the Securities and Exchange Commission (SEC) in August. Bittrex.US had been accused of operating a national securities exchange without the necessary approvals.

It is with great regret that we inform you that Bittrex Global has decided to wind down its operations.

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…

— Bittrex Global (@BittrexGlobal) November 20, 2023

The global platform has scheduled the cessation of all trading activities for December 4, prompting the company to encourage its user base to finalize any pending transactions before this date. Subsequently, only withdrawal services will be maintained post-December 4. Despite being regulated in jurisdictions such as Lichtenstein and Bermuda, Bittrex Global did not disclose specific reasons for this operational shutdown in its official announcement.

The decision to wind down operations reflects a strategic response to the legal challenges faced by Bittrex.US and the broader crypto industry. Bittrex Global’s CEO, Oliver Linch, had previously expressed a strong commitment to vigorously contesting the SEC charges. The earlier closure of Bittrex.US in April and subsequent bankruptcy filing underscored the significant legal and financial pressures faced by the exchange.

In acknowledging the impact on its user community, Bittrex Global expressed regret for the inconvenience caused by the decision. The company emphasizes that this choice was not made lightly, highlighting the careful consideration given to the evolving circumstances in the crypto regulatory landscape. Beyond December 4, users will still have the ability to make withdrawals, ensuring a graceful transition for those with assets on the platform.

Wasif Shakir

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