Bittrex Global to wind down operations after the collapse of its US arm
Crypto exchange Bittrex Global announced it is going to wind down its operations by 4th December....
- Bittrex Global, a crypto exchange, announced that it is winding down its operations and all trading activity will cease by December 4th.
- Users have been asked to withdraw their funds by the given date, and only specific withdrawals will be allowed later.
- Bittrex Global will not pay out in US dollars and has instructed customers to convert to crypto or euros before withdrawing.
- The exchange's fortune mirrors that of its US arm, which collapsed earlier this year following regulatory action by the SEC.
- Bittrex US filed for bankruptcy in May and agreed to pay $24 million to the SEC as part of a settlement.
- The SEC has been actively pursuing regulatory action against various virtual asset platforms, including Kraken, Gemini, and Coinbase.
- The SEC's case against Ripple concluded with a verdict that deemed the sale of XRP tokens as not constituting securities, but the institutional sale violated federal securities laws.
- Despite the Ripple verdict, the SEC continues to pursue regulatory action against the crypto industry.
The sentiment of the article is negative, as it highlights the collapse of Bittrex US, the regulatory actions by the SEC, and the ongoing pursuit of the SEC against various crypto exchanges.