Liechtenstein-headquartered cryptocurrency change 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 mentioned 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 property. On Dec. 4, the platform will droop buying and selling actions and solely permit sure withdrawals.
“This resolution was not made frivolously, and we perceive the inconvenience it could have on our valued clients,” mentioned Bittrex International.
The platform added:
“Don’t make any deposits to our platform. We can’t 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 shall be disabled. After that date, clients will solely have the ability to withdraw property as a part of the…
— Bittrex International (@BittrexGlobal) November 20, 2023
The announcement got here roughly 9 months after its U.S.-based arm, Bittrex, mentioned it planned to wind down operations within the nation beginning on April 30 “because of continued regulatory uncertainty.” In April, the U.S. Securities and Trade Fee (SEC) charged Bittrex for operating as an unregistered exchange, dealer and clearing company.
Bittrex filed for Chapter 11 safety in U.S. chapter courtroom 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 courtroom.
The SEC additionally charged Bittrex International in April “in reference to its operation of a single shared order e book together with Bittrex.” It’s unclear whether or not the regulator’s actions contributed to the crypto change, headquartered in Liechtenstein, saying the winding down of operations.