Crypto exchange Bittrex has announced plans to shut down its operations and stop all trading activities by December 4th.
The Liechtenstein-based exchange has suffered several regulatory setbacks, which many believe are at the core of its decision to quit. Let’s see more about this important news.
Why Bittrex is Planning to Shut Down?
Bittrex closed its U.S. exchange in March after a lawsuit from the SEC claiming it had breached securities laws. The exchange paid $29 million in settlements. Afterward, it shut down its service, claiming it was not “economically viable” to continue operating.
It is with great regret that we inform you that Bittrex Global has decided to wind down its operations.
Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the…
— Bittrex Global (@BittrexGlobal) November 20, 2023
Bittrex Global advised all users holding U.S. dollars to convert their holdings to euros or cryptocurrencies before the December 4th deadline. The exchange warned that failure to do so would mean losing their ability to withdraw their funds.
Bittrex explained: “This decision was not made lightly, and we understand the inconvenience it may have on our valued customers.” It also warned: “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.”
Bittrex Global also ended all advertising and its referral program as part of its shutdown procedure. The exchange plans to support its clients by making a team member available to help with any queries or concerns throughout the process.
Bittrex’s decision to quit has severe implications for the market. The exchange is among the top 100 cryptocurrency exchanges globally.
