Bittrex Global will cease global trading operations on December 4, following its US arm’s legal settlement with the SEC and an ongoing complex regulatory landscape.
Bittrex Global has announced the closure of its global operations. The announcement comes shortly after the closure of the company’s US subsidiary, which faced legal challenges from the US Securities and Exchange Commission (SEC).
Starting December 4, Bittrex Global will cease all commercial activities and will only allow asset withdrawals for its clients.
The exchange’s decision not to facilitate withdrawals in US dollars, advising clients to convert to cryptocurrencies or euros, is an important aspect of this settlement process. The stipulation may raise concerns regarding the liquidity and accessibility of funds for users holding assets in different currencies.
Background to this development includes Bittrex’s US arm agreeing to a $24 million settlement with the SEC in August, following charges in April accusing the company of operating as an unregistered broker, exchange agency and compensation. Interestingly, Bittrex Global did not contribute to this deal, despite also being a target of the SEC.
Bittrex Global CEO Oliver Linch emphasized the distinction between Bittrex US and Bittrex Global as separate entities. However, regulatory scrutiny and subsequent legal actions appear to have impacted both branches.
Bittrex US’s recent emergence from bankruptcy and court approval to sell its US assets add another layer to the company’s complex financial narrative.
