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 <p class="is-style-lead">Seattle-based cryptocurrency exchange Bittrex has received <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> to proceed with its revised bankruptcy plan, aimed at winding down its <a rel="noopener noreferrer nofollow" title="operations" href="https://thebittimes.com/tag/operations.html">operations</a> in the United States.</p>
 <p>On Sep. 30, Judge Brendan Shannon approved the company’s liquidation plan during a hearing in Delaware, aimed at repaying the remaining creditors, according to <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> filings.</p>
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  <p>“As stated on the record at the hearing, the Court ruled that it would enter a revised Proposed Order, which resolves the SEC’s informal comments.”</p> <cite>SEC filing</cite>
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 <p>Bittrex initially filed for bankruptcy protection in May, shortly after facing charges from the SEC for operating an unregistered securities exchange.</p>
 <p>The SEC also accused Bittrex of collaborating with crypto asset issuers to remove statements that could have prompted an investigation into whether these assets should be classified as securities.</p>
 <p>The exchange chose to shut down its U.S. operations and return assets to customers in the wake of the SEC complaint. It reached a $24 million settlement with the SEC in August.</p>
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 <p>Bittrex clarified that its bankruptcy proceedings would not affect Bittrex Global, its international arm serving customers outside the United States. The company’s overseas <a rel="noopener noreferrer nofollow" title="operations" href="https://thebittimes.com/tag/operations.html">operations</a> are headquartered in Liechtenstein.</p>
 <p>Setting it apart from other crypto firms that have declared bankruptcy over the past 18 months, Bittrex neither experienced a funding shortfall nor initially restricted customer access to accounts. The company urged its customers to withdraw their assets before officially filing for bankruptcy.</p>
 <p>The exchange estimated in September that it would have surplus funds after customer withdrawals. The company cited long-inactive accounts and small customer accounts that had essentially been abandoned as contributing factors.</p>
 <p>According to Bittrex attorney Patricia Tomasco, about 36,000 customers withdrew approximately $143 million in crypto assets during the bankruptcy proceedings. She also noted that over three-quarters of the remaining Bittrex accounts hold less than $100 in assets.</p>
 <p>Tomasco added that some customers had opted to abandon their assets rather than go through the identity verification process required for withdrawals.</p>
 <p>“The sentiment is, I don’t want to give you all that information to get $35,” she said.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bittrex Global CEO criticizes SEC’s lack of communication on enforcement actions
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bittrex-secures-court-approval-to-wind-down-us-operations-tbt68495.html">https://thebittimes.com/bittrex-secures-court-approval-to-wind-down-us-operations-tbt68495.html</a></p>

Bittrex secures court approval to wind down US operations

TheBitTimes

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