Bittrex Global Ceases Operations, Settles with SEC for $24M
Summary
Crypto exchange Bittrex Global is shutting down its operations following its U.S subsidiary’s closure earlier this year. The closure comes after Bittrex US faced a lawsuit by the U.S SEC for operating a securities exchange without proper authorization. Bittrex Global’s CEO had previously expressed intentions to fight the SEC accusations. Trading on the platform will cease on December 4th, and users will only be able to make withdrawals.
Introduction
Bittrex Global, a global cryptocurrency exchange, is reportedly closing down its operations. This comes after Bittrex US, its U.S subsidiary, filed for bankruptcy and was sued by the U.S SEC for running an unauthorized securities exchange. The closure of Bittrex Global means the end of all promotions and the referral scheme as well. The exchange did not provide a specific reason for this decision, but it is expected that the SEC lawsuit played a significant role.
Main Points
- Bittrex Global is shutting down its operations after facing a lawsuit by the U.S SEC for running an unauthorized securities exchange.
- Trading on the platform will halt on December 4th, and users will only be able to make withdrawals.
- The closure also includes the end of all promotions and the referral scheme.
- The CEO of Bittrex Global had previously stated their intention to vigorously fight the SEC accusations.
- Bittrex US, the exchange’s U.S subsidiary, ceased operations in April and settled with the SEC for $24M in August.
Conclusion
Bittrex Global’s decision to cease operations comes after its U.S subsidiary faced legal troubles with the U.S SEC. Trading on the platform will come to a halt on December 4th, and users will only be able to withdraw their funds. The closure also marks the end of all promotions and the referral scheme. Bittrex Global’s CEO had previously expressed their intent to fight the SEC accusations, but the decision to close down was made. The state of crypto regulation and its impact on businesses like Bittrex has been a topic of concern, with regulatory standards being seen as confusing and imposed without proper consultation or input.