On 4 December, the Liechtenstein-based company Bittrex Global will wind down all operations and halt trading on the cryptocurrency exchange.
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
“All of our clients are strongly advised to log in to their accounts and withdraw assets as soon as possible. All funds and tokens remain secure,” the statement said.
After that date, users will be able to withdraw cryptocurrency only as part of the wind-down process.
Bittrex Global has already frozen its referral program and halted advertising campaigns. Company representatives promised to provide customer support by assembling a dedicated technical-support team.
The exchange, founded in 2014, lists 476 cryptocurrencies and 707 trading pairs. According to CoinGecko, the platform’s 24-hour trading volume was about $26.3 million.
The decision followed the closure of Bittrex’s U.S. unit in April, caused by regulatory uncertainty. Subsequently, SEC filed a lawsuit against the company over securities-law violations.
On May 8, the exchange filed for insolvency in the United States. Bittrex said its assets and liabilities amount to between $500 million and $1 billion. The number of creditors exceeds 100,000.
Probably as a result of the proceedings, U.S. customers are currently unable to withdraw funds in U.S. dollars.
In April, Bittrex and its former CEO William Shihara reached an agreement with the SEC. As part of the settlement, the defendants agreed to pay $24 million in ill-gotten gains, interest and civil penalties.
In October, a court approved the liquidation of the company’s U.S. subsidiary.