Bittrex Global To Close After SEC Hit It With $24 Million Penalty

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Crypto exchange Bittrex Global said it will wind down its operations with all trading activity suspended from December 4.

“This decision was not made lightly, and we understand the inconvenience it may have on our valued customers,” said Lichtenstein-based Bittrex Global in a statement on its website.

It is with great regret that we inform you that Bittrex Global has decided to wind down its operations.

Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the…

— Bittrex Global (@BittrexGlobal) November 20, 2023

Bittrex Closed US Operations In February

The exchange’s US-based subsidiary announced the winding up of its US operations in February, citing overly stringent and unpredictable regulatory conditions.

In April, the securities regulator charged it with “operating an unregistered exchange, operating as a broker, and clearing agency.

Bittrex had agreed to a $24 million fine in August after filing for Chapter 11 protection in the US bankruptcy court in May. It reopened later, allowing users to withdraw funds after it secured approval from a Delaware bankruptcy court.

Advice To Customers

The exchange has asked customers with a remaining USD balance in their accounts to convert them to Euros or crypto ahead of the specified date. Failure to do so will see the funds locked up, and rendered inaccessible, it said.

The exchange has also cautioned customers against making any deposits to the platform, citing the inability to “guarantee that they will be received safely.” It warned that if funds are sent they “may be permanently lost as a result of the attempted transfer.”