Embattled crypto exchange Bittrex Global has decided to wind down operations after its US-based arm filed for bankruptcy amid a slew of regulatory challenges earlier this year.

The foreign exchange will disable all trading activity on December 4th.

No concrete withdrawal deadline has been established, but Bittrex Global recommends customers pull out their assets as soon as possible because a “withdrawal deadline may be set by the liquidators at some point in the future.”

The exchange also notes that customers cannot directly withdraw US dollar holdings and will need to convert any USD to crypto or euros before the December 4th deadline.

Bittrex Global’s domestic affiliate filed for bankruptcy back in May after the U.S. Securities and Exchange Commission (SEC) charged the Seattle-based exchange and its co-founder and former CEO William Shihara with operating an unregistered national securities exchange, broker, and clearing agency.

At the time, the exchange claimed on its website that the bankruptcy announcement would not impact Bittrex Global.

The SEC, however, also charged Bittrex Global for failing to register as a national securities exchange in connection with its operation of a single shared order book with the Seattle-based company.

Bittrex began winding down its operations in the US in late March.

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The post Crypto Exchange Bittrex Global Announces Plans To Cease Operations and Wind Down Trading appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 22, 2023 8:22 pm