Bittrex Global, a major player in the cryptocurrency exchanges realm, just announced its decision to wind down operations.
The move follows the closure of its US arm, Bittrex.US, which filed for bankruptcy in May before making the painful decision to wind down in March. The Bittrex US then went ahead and settled with the Securities and Exchange Commission (SEC) in August.
Here are the key details you need to know:
Trading termination and withdrawals
Effective Monday, December 4, 2023, all trading activities on Bittrex Global will come to a halt. Customers are advised to complete all necessary transactions before this date, as after December 4, they will only have the option to withdraw their assets.
The decision to terminate trading is part of the company’s winding down process, a move not taken lightly, acknowledging the inconvenience it may pose to users.
Important instructions for Bittrex users
- USD Holdings: Customers holding USD balances on the platform are urged to convert them into either EUR or cryptocurrency to facilitate withdrawals before the December 4 deadline.
- Referral Program and Promotions: The Bittrex Global Referral program has been terminated, and promotions have ceased. Any rewards earned on trades up to and including November 19, 2023, will be paid out in the coming days.
- Deposits: Users are strongly cautioned against making any further deposits to the platform, as the safety of these deposits cannot be guaranteed.
- Withdrawal Deadline: While no specific withdrawal deadline has been set as of now, users are strongly encouraged to initiate withdrawals as quickly as possible. A withdrawal deadline may be imposed by the liquidators in the future.
The move to wind down operations marks a significant development in the cryptocurrency exchange landscape, underscoring the challenges faced by industry players in navigating regulatory scrutiny and evolving market dynamics.
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