Bittrex Global suspends trading as it closes
The news followed Bittrex’s declaration almost nine months ago that it will shut down operations due to the regulatory climate in the United States.
Bittrex Global, a cryptocurrency exchange based in Liechtenstein, has declared its intention to shut down operations, with trading set to cease on December 4th.
Any user holding U.S. dollars was warned in an update posted to Bittrex Global’s website on November 20 that they would be unable to withdraw their assets unless they converted them to euros or cryptocurrencies by December 4th. The platform will temporarily halt trading and restrict withdrawals on December 4.
“Despite the fact that it may cause some difficulty to their loyal clients, Bittrex Global assured them that this choice was not taken lightly.”
The platform integrated: “Please refrain from funding our site with any funds. There is no assurance that they will arrive in safely. The attempted transfer might result in the irreversible loss of your cash if you choose to submit a deposit.
Bittrex, the US-based subsidiary, had previously announced its intention to suspend operations in the US beginning April 30 “due to continued regulatory uncertainty.” This news came around nine months later. Bittrex was hit with charges by the US Securities and Exchange Commission in April for running an unlicensed clearing agency, exchange, and broker.
August saw Bittrex resolve its dispute with the SEC for $24 million in fines and interest, after its May filing for Chapter 11 protection in U.S. bankruptcy court. After getting the go light from the bankruptcy court in Delaware, the platform resumed user withdrawals.
When Bittrex Global operated a single shared order book with Bittrex, the SEC charged it “in connection with it.” This occurred in April. The crypto exchange, with headquarters in Liechtenstein, announced the shutting down of operations, although it is not apparent whether this was influenced by the regulator’s measures.