Liechtenstein-based cryptocurrency exchange Bittrex Global has announced its intention to gradually cease operations, starting with the suspension of trading activities on December 4.
Liechtenstein-based cryptocurrency exchange Bittrex Global has announced its intention to gradually cease operations, starting with the suspension of trading activities on December 4. This decision follows a previous announcement by its US counterpart, Bittrex, to wind down operations in the United States due to regulatory uncertainties earlier this year.
Bittrex Global informed users that those holding funds in US dollars must convert them to euros or cryptocurrency before December 4 to ensure the ability to withdraw their assets. Once trading is suspended, the platform will only allow certain types of withdrawals.
Bittrex Global emphasized that the decision to wind down operations was made after careful consideration. The exchange also issued a warning, advising against making new deposits as the safety of such transactions cannot be guaranteed. Deposits made during this phase could result in permanent loss.
Earlier this year, Bittrex US filed for Chapter 11 protection in a US bankruptcy court and reached a settlement with the US Securities and Exchange Commission (SEC) in August, involving $24 million in penalties and interest. The SEC had charged Bittrex for operating as an unregistered exchange, broker and clearing agency. However, it remains unclear whether the SEC's actions influenced the decision to wind down operations.
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