- Bittrex Global, once a leading US crypto exchange, is shutting down global operations and urging customers to withdraw funds by December 4, 2023.
- The closure follows regulatory troubles including SEC charges of operating an unregistered securities exchange, which led Bittrex’s US arm to file for bankruptcy this year.
- Bittrex Global’s market share plunged from a top US exchange to below 1% in 2021 as issues mounted, marking a dramatic fall for the formerly dominant trading platform.
Bittrex Global, once one of the largest crypto exchanges in the US, is shutting down its global operations and urging customers to withdraw funds. This comes after a series of issues over the past couple of years that led to its market share collapsing in the US.
Regulatory Troubles
Bittrex Global’s closure follows its US arm filing for bankruptcy protection earlier this year. The US division was forced to seek Chapter 11 protection after being charged by the SEC with operating an unregistered securities exchange.
Winding Down Operations
With its regulatory issues piling up, Bittrex Global has decided to wind down operations entirely. The company said all trading activity will cease on December 4, 2023. Customers are being strongly urged to withdraw any remaining assets as soon as possible before that date.
A Lost Leader
Just a couple years ago, Bittrex was one of the largest crypto trading platforms in the US. But its market share plunged below 1% in 2021 as competitors ate away at its user base. The bankruptcy and closure of Bittrex Global represents a dramatic fall for what was once a dominant exchange.
