Bittrex Global to Halt Trading in December as Closure Extends Globally
Bittrex Global announced it will end most exchange operations and trading activity in the coming weeks. Bittrex Global to Halt Trading in December as...
- Bittrex Global will end most exchange operations and trading activity in the coming weeks.
- The decision is due to a complicated regulatory environment and a litigation settlement reached with the SEC by its U.S. arm.
- Bittrex Global will shut down trading activities globally on December 4 and only allow users to withdraw their assets.
- Withdrawals in U.S. dollars will not be allowed, and users are recommended to convert to euros or cryptocurrencies.
- Concerns about availability and liquidity of cash for customers with different currency assets may arise.
- Bittrex's U.S. subsidiary settled with the SEC for $24 million in August, while Bittrex Global did not participate in the settlement.
- The CEO of Bittrex Global emphasized the independence of the two branches but acknowledged the damage caused by regulatory scrutiny and legal actions.
- The recent bankruptcy filing of Bittrex U.S. and the sale of its American assets add complexity to the company's financial situation.
The article highlights the challenges faced by Bittrex Global due to regulatory issues and the SEC settlement, leading to the decision to shut down most exchange operations. The sentiment is negative as it discusses the negative impact on the company and its customers.