Bittrex Global, a veteran cryptocurrency exchange, announced on Tuesday (21st) that it will cease operations and advised users to withdraw their funds as soon as possible. In a statement, the exchange stated that all trading activities on the platform will stop at 2 am Taiwan time on December 5.
Bittrex Global CEO Oliver Linch had assured customers just a few months ago that “Bittrex Global is ready to serve you if you want to do business with non-US regulated digital asset exchanges.” Bittrex was once one of the largest exchanges in the US, but its market share plummeted to below 1% in 2021.
According to previous reports by Zombit, Bittrex and its former CEO William Shihara were charged by the US Securities and Exchange Commission (SEC) in April of this year for operating unregistered exchanges, broker-dealers, and clearing agencies. The SEC also brought charges against their overseas entity, Bittrex Global. Bittrex then filed for Chapter 11 bankruptcy protection in May. In August of this year, Bittrex US agreed to pay $24 million to the SEC to settle the charges.
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