Key takeaways:
- With its main office located in Liechtenstein, Bittrex Global is a cryptocurrency exchange that has declared its closure. December 4 will mark the end of trading.
- Bittrex Global stated that they took great care in making this decision and are aware of the inconvenience it may cause their customers.
With its main office located in Liechtenstein, Bittrex Global is a cryptocurrency exchange that has declared its closure. December 4 will mark the end of trading.
Bittrex Global stated on its website on November 20 that all users who had US dollars were required to exchange their monies for euros or cryptocurrencies by December 4 at the latest, failing which they would not be allowed to withdraw their holdings. The site will stop trading on December 4 and only permit specific withdrawals.
Bittrex Global stated that they took great care in making this decision and are aware of the inconvenience it may cause their customers. The platform further added:
“Do not make any deposits to our platform. We cannot guarantee that they will be received safely. If you do send a deposit, your funds may be permanently lost as a result of the attempted transfer.”
The statement was made almost nine months after Bittrex, the company’s American subsidiary, declared that it would be closing its US operations beginning on April 30 “due to continued regulatory uncertainty.”
Bittrex was charged by the US Securities and Exchange Commission (SEC) in April for operating as an exchange, broker, and clearing agency without being registered.
Bittrex settled its lawsuit with the SEC for $24 million in penalties and interest in August after filing for Chapter 11 protection in a US bankruptcy court in May. Users were able to resume withdrawals from the platform after the Delaware bankruptcy court approved it.
In April, the SEC also filed charges against Bittrex Global for operating a single shared order book with Bittrex. It’s unclear if the regulator’s measures had any influence on the Liechtenstein-based cryptocurrency exchange’s announcement that it was closing its doors.
