Bitcoin

<ul><li>Bankrupt US crypto exchange Bittrex advises customers to withdraw funds, promptly setting an August 31 deadline.</li><li>Bittrex faced a $29 million penalty from the US Treasury for sanctions and AML violations.</li><li>SEC initiated a lawsuit against Bittrex, which countered by denying allegations related to unauthorized securities.</li></ul>In a recent move, the now-bankrupt US crypto exchange Bittrex has sent out an email to its customers who still have funds on their platform, strongly advising them to withdraw their assets &#34;as soon as possible&#34;. The users are given a deadline until August 31 but are recommended to act promptly to allow for potential resolutions of unexpected <a href="https://protos.com/bittrex-reminds-us-customers-to-withdraw-crypto-or-risk-unforeseen-issues/" rel="noopener noreferrer nofollow">problems</a>.According to the communication, &#34;Customers who meet the necessary regulatory requirements&#34; can access their accounts and pull out any remaining assets. The message indicates that customers adhering to the required regulatory standards have the ability to access their accounts. They can then withdraw any funds they still have.On June 15, Bittrex Inc., the US offshoot of Bittrex Global, initiated payouts to customers without further legal claims against the company. Bittrex Inc. <a href="https://www.reuters.com/markets/deals/bittrex-approved-borrow-7-mln-bankruptcy-loan-bitcoin-2023-05-10/" rel="noopener noreferrer nofollow">procured</a> an interim loan of 250 bitcoins from its parent entity, Aquila Holdings, to facilitate the reimbursement to its customers. This move was resisted by the US government, claiming the firm was still indebted for millions due to sanctions violations.It&#39;s important to note that withdrawal alerts were initiated when the company <a href="https://storage.courtlistener.com/recap/gov.uscourts.dcd.256060/gov.uscourts.dcd.256060.90.0.pdf" rel="noopener noreferrer nofollow">suspended</a> deposits in April. Following this, in May, the crypto exchange <a href="https://storage.courtlistener.com/recap/gov.uscourts.deb.189880/gov.uscourts.deb.189880.11.0.pdf" rel="noopener noreferrer nofollow">declared</a> bankruptcy in Delaware, highlighting the ambiguities in regulatory frameworks as the primary cause. Bankruptcy Judge Brendan Shannon authorized the innovative Bitcoin loan, emphasizing its favorable 4% interest rate and measures to manage price fluctuations.Read full article at <a href="https://cryptotale.org/bittrex-urges-us-customers-to-withdraw-funds-amid-bankruptcy-and-regulatory-turmoil/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Bittrex Urges US Customers to Withdraw Funds Amid Bankruptcy and Regulatory Turmoil

CryptoTale

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