Major cryptocurrency exchange Bittrex Global has announced that it will be ceasing operations effective from the beginning of December.
“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 winding down process,” the statement declared.
Bittrex Ensures Seamless Process for Customers
A recent statement indicates that Bittrex Global will cease operations in slightly over a week.
“It is with great regret that we announce that Bittrex Global has decided to wind down its operations. This decision was not made lightly, and we understand the inconvenience it may have on our valued customers.”
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However, he exchange didn’t give a specific reason for why it will be closing operations. Meanwhile, it did reassure its customers that it is “committed to facilitating a smooth and transparent wind-down process during this period.”
Bittrex Faces Recent Legal Challenges
Furthermore, this comes after news that Bittrex Global faced legal troubles with United States regulators.
On August 16, BeInCrypto reported that Bittrex reached a settlement with the United States Securities and Exchange Commission (SEC).
Additionally, the exchange confirmed a $24 million payout as part of the settlement, with the fine specified to be paid by Bittrex US, not Bittrex Global.
However, Bittrex made a decision to depart from the US market before this, on May 1. In the announcement, the exchange stated that the US regulations are “unclear and enforced without appropriate discussion or input.”
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