- Bittrex, once a major US crypto exchange, received court approval to wind down its US operations and enter liquidation, marking the end of an era.
- Approval came after Bittrex settled with the SEC for $24 million over charges it operated an unregistered exchange.
- While Bittrex is shutting down in the US, its non-US exchange Bittrex Global remains active internationally.
Bittrex, once one of the largest crypto exchanges in the US, has received court approval to officially wind down its US operations and enter liquidation. This marks the end of an era for the pioneering exchange.
Approval Granted at Bankruptcy Hearing
At a bankruptcy hearing on Monday, Judge Brendan Shannon approved Bittrex’s revised plan to repay its remaining creditors and cease operations in the US. The approval came after Bittrex settled with the SEC for $24 million in August over charges that it operated an unregistered exchange.
Non-US Arm Still Active
While Bittrex is shutting down in the US, its non-US exchange Bittrex Global remains active internationally. Bittrex Global’s CEO recently reaffirmed the company’s commitment to serving non-US customers wary of regulatory uncertainty in the US.
Collapse of a Crypto Pioneer
Bittrex was a dominant player in the early US crypto market, with nearly 23% market share of USD trading volume in early 2018. However, it collapsed to below 1% in 2021 and never recovered amid rising competition. The shutdown marks a dramatic fall for a once-major crypto exchange.
The liquidation and wind-down of Bittrex’s US operations represents the end of an era for a pioneering crypto exchange. While non-US operations continue, increased regulatory scrutiny has forced the shutdown of its US business.