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Novermber 21, 2023
After announcing to shutdown, Bittrex Global asked all its customers to withdraw their funds. They asked all users with U.S. dollar holdings to convert their funds to euros or cryptocurrency.
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In an official statement, Bittrex Global confirmed the shutdown and said, all the trading activities will cease from December 4.
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In an official statement, Bittrex Global, once the best cryptocurrency exchange said, that the rough decision was taken because of continuous regulatory uncertainty.
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The Liechtenstein headquarters shutdown came 9 months after Bittrex announced winding down operations of its U.S.-based arm, due to continued regulatory uncertainty. In April, the U.S. Securities and Exchange Commission charged Bittrex for operating as an unregistered exchange, broker and clearing agency.
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Notably, Bittrex filed for Chapter 11 protection in U.S. bankruptcy court in May and settled its case with the SEC for $24 million in penalties and interest in August. However, there is no clarity if SEC is reason for shutdown.
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Bittrex was once among the topmost exchanges in the world before the emergence of other crypto exchanges, which raised the competition significantly. Back in 2018, this exchange alone accounted for 23% of the entire market share.
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The recent bear market and regulatory crackdown started with FTX has been evident that how SEC is after crypto community. Many companies are finding it difficult to survive, leading to bankruptcy and ceased operations.