Liechtenstein-based cryptocurrency exchange Bittrex Global has announced its intention to gradually cease operations, starting with the suspension of trading activities on December 4.
Liechtenstein-based cryptocurrency exchange Bittrex Global has announced its intention to gradually cease operations, starting with the suspension of trading activities on December 4. This decision follows a previous announcement by its US counterpart, Bittrex, to wind down operations in the United States due to regulatory uncertainties earlier this year.
Bittrex Global informed users that those holding funds in US dollars must convert them to euros or cryptocurrency before December 4 to ensure the ability to withdraw their assets. Once trading is suspended, the platform will only allow certain types of withdrawals.
Bittrex Global emphasized that the decision to wind down operations was made after careful consideration. The exchange also issued a warning, advising against making new deposits as the safety of such transactions cannot be guaranteed. Deposits made during this phase could result in permanent loss.
Earlier this year, Bittrex US filed for Chapter 11 protection in a US bankruptcy court and reached a settlement with the US Securities and Exchange Commission (SEC) in August, involving $24 million in penalties and interest. The SEC had charged Bittrex for operating as an unregistered exchange, broker and clearing agency. However, it remains unclear whether the SEC's actions influenced the decision to wind down operations.
Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
