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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/crypto-exchange-bittrex-to-shut-down-u-s-services-post-bankruptcy-court-decision/">CEX Bittrex Bankruptcy Plan Approved, U.S Operations to Shut Down</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The U.S. Bankruptcy Court in Delaware has given a thumbs-up to Bittrex’s Chapter 11 bankruptcy plan. This decision follows a turbulent time for the cryptocurrency exchange, which faced charges from the SEC for operating as an unregistered exchange.</p> 
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   <p lang="en" dir="ltr">Bittrex's US wind-down approved in bankruptcy court <a href="https://t.co/3rk8ZxUwG9">https://t.co/3rk8ZxUwG9</a> <a href="https://t.co/PoiFR03eKd">pic.twitter.com/PoiFR03eKd</a></p>— Reuters (@Reuters) <a href="https://twitter.com/Reuters/status/1719172862387298627?ref_src=twsrc%5Etfw">October 31, 2023</a>
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<p>Here are all the details. </p> 
<h2 class="wp-block-heading" id="h-bittrex-gets-a-go-ahead">Bittrex Gets a ‘Go-Ahead’</h2> 
<p>Judge Brendan Shannon has given the green light to Bittrex’s plan to sell assets, allowing the exchange to clear its debts and wrap up its U.S. operations. Initially, the SEC’s charges hit Bittrex’s market share hard. It used to be a major hub for USD-based trading. However, their presence in the market dwindled, and it hasn’t shown signs of coming back, especially with new, agile competitors in the field.</p> 
<p>Bittrex’s legal issues in the United States are quite different from the success of its international counterpart, <a href="https://coinpedia.org/exchange/bittrex-review/">Bittrex Global</a>, led by CEO Oliver Linch. This part of the business has shown strength and growth, indicating that the exchange has potential for a global comeback. Bittrex Global operates under different rules, avoiding the unclear U.S. crypto regulations that are still changing.</p> 
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   <p lang="en" dir="ltr">Note: These Chapter 11 cases do not affect <a href="https://twitter.com/BittrexGlobal?ref_src=twsrc%5Etfw">@BittrexGlobal</a>, which continues to operate regularly.</p>— Bittrex (@BittrexExchange) <a href="https://twitter.com/BittrexExchange/status/1697460126595379311?ref_src=twsrc%5Etfw">September 1, 2023</a>
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<p>Also Read: <a href="https://coinpedia.org/news/bittrexs-shocking-downfall-the-unfiltered-truth/">Bittrex’s Shocking Downfall: The Unfiltered Truth&nbsp;</a></p> 
<p><strong>Something to learn from</strong></p> 
<p>The court’s decision sets a precedent, not just for Bittrex but for the broader crypto industry. The industry has been dealing with regulatory uncertainty in the United States. Bittrex’s international operations seem ready to make the most of this legal outcome. With a strong global customer base, Bittrex is likely to intensify its international expansion efforts.</p> 
<h2 class="wp-block-heading" id="management-displays-optimism">Management Displays Optimism</h2> 
<p>Furthermore, Bittrex’s CEO, Oliver Linch, is hopeful about the future of crypto in traditional finance and sees Bittrex playing a key role in it.</p> 
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   <p lang="en" dir="ltr">Crypto will become one of the many asset classes that make up the TradFi system. <br><br>So while "the world of cryptocurrency is difficult to assess", any financial adviser worth their salt will be getting to grips with the regulatory landscape already.<a href="https://t.co/IA945wTCeb">https://t.co/IA945wTCeb</a></p>— Oliver Linch (@OliverLinch) <a href="https://twitter.com/OliverLinch/status/1717573844154597467?ref_src=twsrc%5Etfw">October 26, 2023</a>
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<p>This important decision has sparked a discussion about the future of cryptocurrency regulation in the United States. Bittrex’s case could make other exchanges reconsider their U.S. operations because of increased regulatory attention.</p> 
<h2 class="wp-block-heading" id="strong-a-strong-cry-for-regulation-when-will-we-receive-clarity"><strong>A </strong>Cry for Regulation – When Will We Receive Clarity?</h2> 
<p>In the bigger picture, the court’s decision highlights the need for progress in how crypto is regulated in the United States, underscoring the need for more clear and comprehensive crypto regulations. With Bittrex already building its international presence, the future looks promising for the exchange.</p> 
<p>Read More: <a href="https://coinpedia.org/news/congress-and-sec-clash-over-crypto-regulations-as-coinbase-receives-green-light/">Congress and SEC Clash Over Crypto Regulations; Chair Gensler Grilled</a></p>

CEX Bittrex Bankruptcy Plan Approved, U.S Operations to Shut Down

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