{"id":86399,"date":"2023-10-31T11:52:26","date_gmt":"2023-10-31T09:52:26","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86399"},"modified":"2025-09-13T05:20:39","modified_gmt":"2025-09-13T02:20:39","slug":"court-approves-liquidation-of-bitcoin-exchange-bittrex-in-the-united-states","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/court-approves-liquidation-of-bitcoin-exchange-bittrex-in-the-united-states\/","title":{"rendered":"Court approves liquidation of Bitcoin exchange Bittrex in the United States"},"content":{"rendered":"

The cryptocurrency exchange Bittrex has obtained<\/a> court approval for a revised bankruptcy plan and winding down operations in the United States.<\/p>\n

Judge Brendan Shannon proposed to the parties a refined order that provides for the liquidation of the company to satisfy remaining creditor claims.<\/p>\n

\n

\u201cAs noted in the hearing transcript, the court has decided that it will adopt the revised proposed order, which takes into account unofficial comments from the SEC<\/span>,\u201d the document said.<\/p>\n<\/blockquote>\n

In April, Bittrex announced the winding down of its operations<\/a> in the United States, citing regulatory uncertainty. Following this, the SEC filed a lawsuit against the company<\/a> over securities-law violations.<\/p>\n

On May 8, the exchange filed for bankruptcy<\/a> in the United States. Bittrex said its assets and liabilities total between $500 million and $1 billion. The number of creditors exceeds 100,000.<\/p>\n

The plan for restitution proposed by the company ran into opposition from authorities<\/a>. One reason was the exchange’s outstanding debt to FinCEN in the amount of $5 million. This is part of the roughly $30 million that Bittrex agreed to pay in October 2022 as part of settling accusations<\/a> of violating the U.S. sanctions regime.<\/p>\n

In April, the company and its former CEO William Shihara reached an agreement with the SEC. Under the agreement, the defendants agreed to pay $24 million<\/a> in the form of ill-gotten gains, interest and civil penalties.<\/p>\n

The international platform Bittrex Global continues to operate outside the United States. According to CoinGecko, over the past 24 hours the platform’s trading volume stood at about $2.346 billion. The exchange supports trading 382 cryptocurrencies across 599 pairs.<\/p>\n

According to The Block, in January 2018 Bittrex’s share of the U.S. market reached 22.75%. However by 2021 the figure had fallen below 1%. Coinbase leads the segment with 37.67%.<\/p>\n

\"\u0421\u0443\u0434
Share of trading volumes among U.S. bitcoin exchanges. The Block data.<\/figcaption><\/figure>\n

Earlier this year, in June the SEC filed a lawsuit against Coinbase<\/a>, and in February the U.S. crypto exchange Kraken settled<\/a> the agency’s claims by paying $30 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The cryptocurrency exchange Bittrex has received court approval for a revised bankruptcy plan and winding down operations in the United States.<\/p>\n","protected":false},"author":1,"featured_media":86400,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1300,720,83,1166],"class_list":["post-86399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bankruptcy","tag-bittrex","tag-business","tag-centralized-exchanges-cex"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=86399"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86399\/revisions"}],"predecessor-version":[{"id":86401,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86399\/revisions\/86401"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/86400"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=86399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=86399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=86399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}