Bittrex Global won’t let users withdraw in USD as it winds down

The exchange said all trading activity will be “disabled” as of Dec. 4

article-image

Bittrex and Neeqolah/Shutterstock modified by Blockworks

share

Bittrex Global announced in a post on X that it’s winding down its global operations, just months after it shuttered its US arm following a lawsuit by the US Securities and Exchange Commission.

In a post on X, Bittrex Global said that it would shutter all trading activity on Dec. 4. 

“After that date, customers will only be able to withdraw assets as part of the winding down process,” the company said.

Additionally, the exchange will not pay out in US dollars. Instead, it instructed customers to convert to either crypto or euros prior to withdrawing. 

A post on the company’s website warned customers not to make a deposit because customer “funds may be permanently lost as a result of the attempted transfer.”

Bittrex’s US arm agreed to pay $24 million to the SEC as part of a settlement back in August. Bittrex Global, however, did not pay anything as part of the settlement. 

The SEC charged Bittrex in April, claiming that the company operated as an unregistered broker, exchange and clearing agency. It also pursued charges against the Global arm as well.

Bittrex Global CEO Oliver Linch told Blockworks in May that the two companies — Bittrex US and Bittrex Global — were “entirely separate companies” despite the regulatory agency targeting both in its suit.

Also in May, Bittrex US filed for bankruptcy but has since had its bankruptcy plan cleared by the court. Following the late October approval, Bittrex US was cleared to start selling off its US-based assets. 


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg

Research

Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.

article-image

MicroStrategy discloses the purchase of 16,000 bitcoin throughout November

article-image

Digital asset firms face potential new regulatory landscape under Treasury’s proposed authority expansion

article-image

Uniswap Labs will be providing trading APIs to Talos investors through Fireblocks

article-image

DYDX supply will climb by up to 80% after the Friday unlock, but a couple factors make a massive sell-off appear unlikely

article-image

Switzerland-based Pando Asset, which has crypto products trading on the SIX Swiss Exchange, now looks to the US

article-image

Binance does not hold the required licenses to advertise and serve customers in the Philippines, the country’s securities regulator said