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Bittrex Global Exchange to Shut Down, Here's What Happened

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Tue, 21/11/2023 - 14:31
Bittrex Global Exchange to Shut Down, Here's What Happened
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Seattle-based crypto exchange Bittrex Global has announced it will be winding down operations.

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In light of this difficult decision, Bittrex shares an important update for its crypto users regarding the timeline of events.

All trading activity on Bittrex Global will be suspended on Dec. 4, 2023, at 6:00 p.m. UTC. Thus, users are urged to ensure that they complete all necessary transactions before this date, as all activity on the platform except withdrawals will be disabled. Also, all client relationships with Bittrex Global will be terminated.

As regards withdrawals, customers of Bittrex Global are not able to directly withdraw USD holdings.

Users with a USD balance might need to convert it into either EUR or crypto to be able to withdraw the associated funds. This action must be taken before Dec. 4.

Bittrex has announced the end of its referral program, which will result in the immediate cessation of earning rewards. All rewards earned on trades executed up to and including Nov. 19 will be paid out in the coming days. Likewise, all promotions offered by the crypto exchange have now ceased.

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Crypto Community in Awe as Bittrex US Exchange Winds Down

In light of its imminent shutdown, Bittrex issued a strong warning to its users not to make any deposits on the platform, as they may not be received safely. Users may risk the permanent loss of their funds if they attempt to deposit.

Bittrex adds that no deadline has currently been set for customers to withdraw funds from Bittrex Global after the suspension of trading on Dec. 4, 2023. However, it is strongly recommended that customers withdraw funds as quickly as possible, as a withdrawal deadline may be set by liquidators later on.

Bittrex faced a lawsuit from the SEC earlier this year, and in August, Bittrex Inc. and its cofounder and former CEO William Shihara agreed to settle the charges to the tune of $24 million.

Cryptocurrency exchange Bittrex wound down the operations of its U.S. platform in April after nine years of operation, citing an uncertain regulatory and economic environment in the U.S.

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