Liechtenstein-headquartered cryptocurrency exchange Bittrex Global has announced that it plans to cease operations with a suspension of trading activity on December 4.
In a November 20 update published on its website, Bittrex Global said all users with US dollar holdings need to convert their funds into euros or the cryptocurrency before December 4 or risk being unable to withdraw assets. On December 4, the platform will suspend trading activities and only allow some withdrawals.
“This decision was not taken lightly and we understand the inconvenience this is causing our valued customers,” Bittrex Global said.
The platform added:
“Do not make any deposits on our platform. We cannot guarantee that they will be received safely. If you send a deposit, your funds may be permanently lost as a result of the transfer attempt.
It is with utmost regret that we inform you that Bittrex Global has decided to cease its operations.
Effective Monday 4 December 2023, all trading activities on Bittrex Global will be disabled. After that date, clients will only be able to withdraw assets as part of…
– Bittrex Global (@BittrexGlobal) 20 November 2023
The announcement comes nearly nine months after its US-based arm, Bittrex, said it planned to cease operations in the country effective April 30 “due to continued regulatory uncertainty.” In April, the US Securities and Exchange Commission (SEC) accused Bittrex of operating as an unregistered exchange, broker and clearing agency.
Connected: Bittrex Global CEO in Consensus 2023 on Bittrex Shutdown and SEC Actions in the US
Bittrex filed for Chapter 11 protection in US bankruptcy court in May and settled its case with the SEC in August over a $24 million penalty and interest. The platform reopened withdrawals for users following approval in the Delaware bankruptcy court.
The SEC also charged Bittrex Global in April “in connection with the operation of a single shared order book with Bittrex.” It is unclear whether the regulator’s actions contributed to the crypto exchange, which is headquartered in Liechtenstein, announcing the cessation of operations.
magazine: US enforcement agencies are increasing crypto-related crime