Liechtenstein-headquartered cryptocurrency trade Bittrex International has introduced it plans to wind down operations, beginning with the suspension of buying and selling exercise on Dec. 4.
In a Nov. 20 replace printed to its web site, Bittrex International stated all customers with U.S. greenback holdings wanted to transform their funds to euros or cryptocurrency earlier than Dec. 4 or danger being unable to withdraw the belongings. On Dec. 4, the platform will droop buying and selling actions and solely permit sure withdrawals.
“This resolution was not made calmly, and we perceive the inconvenience it could have on our valued clients,” stated Bittrex International.
The platform added:
“Don’t make any deposits to our platform. We can not assure that they are going to be acquired safely. For those who do ship a deposit, your funds could also be completely misplaced because of the tried switch.”
It’s with nice remorse that we inform you that Bittrex International has determined to wind down its operations.
Efficient Monday 4 December 2023, all buying and selling exercise on Bittrex International will likely be disabled. After that date, clients will solely be capable of withdraw belongings as a part of the…
— Bittrex International (@BittrexGlobal) November 20, 2023
The announcement got here roughly 9 months after its United States-based arm, Bittrex, stated it planned to wind down operations within the nation beginning on April 30 “as a consequence of continued regulatory uncertainty.” In April, the U.S. Securities and Alternate Fee charged Bittrex for operating as an unregistered exchange, dealer and clearing company.
Bittrex filed for Chapter 11 safety in U.S. chapter court docket in Might and settled its case with the SEC for $24 million in penalties and curiosity in August. The platform reopened withdrawals for customers following approval in Delaware chapter court docket.
The SEC additionally charged Bittrex International in April “in reference to its operation of a single shared order guide together with Bittrex.” It’s unclear whether or not the regulator’s actions contributed to the crypto trade, headquartered in Liechtenstein, asserting the winding down of operations.