Bittrex Global Winds Down Despite Earlier Statement After SEC Lawsuit

Bittrex Global has made the decision to cease all trading activities, marking the beginning of a comprehensive wind-down process.

Set for 4th December 2023, the exchange aims to ensure a transparent and smooth wind-down process, reassuring users of the safety and security of all funds and tokens on its platform.

Withdrawals are permitted in accordance with applicable laws and the platform’s Terms of Service.

Users are strongly urged to log in and initiate asset withdrawals promptly.

In May of this year, Bittrex Inc. filed for bankruptcy protection, following accusations from the US Securities and Exchange Commission (SEC) of operating an unregistered securities exchange.

In 2022, the company had to pay the U.S. Treasury Department’s watchdogs a cool $29 million to settle allegations – claiming that the exchange managed a poor compliance program between 2014 and 2017.

The SEC’s allegations targeted both Bittrex Inc. and Bittrex Global.

Furthermore, charges related to Bank Secrecy Act violations were brought by the US Treasury’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN), resulting in a settlement of approximately $29 million.

Back then, Bittrex Global CEO Oliver Linch initially expressed the intent to contest the charges in court.

Despite ceasing US operations on April 30, the company assured that the bankruptcy filing would not impact Bittrex Global – today’s news runs contrary to that statement.

Founded since 2014, Bittrex is considered to be one of the oldest cryptocurrency exchanges.

It primarily caters to customers outside the United States, though the exchange operates from Liechtenstein.

Bittrex, with assets and liabilities between $500 million and $1 billion, filed for bankruptcy in Wilmington, Delaware court.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.

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