In a significant development, cryptocurrency exchange Bittrex has received court approval for its revised bankruptcy plan to terminate its operations in the United States. This decision comes after a legal battle with the Securities and Exchange Commission (SEC), which accused the exchange of operating an unregistered platform. The court decision is seen as a pivotal moment in the ongoing saga of Bittrex’s legal troubles. Here are the details…
Cryptocurrency exchange received bankruptcy approval
Approval of the liquidation plan was granted by Judge Brendan Shannon during a hearing in Delaware on Monday. The court’s decision allows Bittrex to move forward with a plan to repay its remaining creditors. “As noted in the record at the hearing, the Court determined that it would enter a revised Proposed Order resolving the SEC’s informal comments,” a statement published in the court filing said. It was said.
Bittrex’s bankruptcy journey began in May when the SEC filed for Chapter 11 protection following allegations that it operated an unregistered exchange. In August, the exchange reached a settlement with the SEC, agreeing to pay $24 million to resolve the charges. Although Bittrex has made the difficult decision to cease operations in the United States, Bittrex Global remains active in other parts of the world. CEO Oliver Linch emphasized the exchange’s commitment to serving customers outside the US despite increasing regulatory uncertainty in the country. “If they are looking to do business with a regulated digital asset exchange outside the US, Bittrex Global is here for you,” Linch said.
Bittrex was one of the giants in the USA
Bittrex was once a dominant force in the US cryptocurrency exchange landscape, holding a market share of around 23% at the beginning of 2018, according to data. However, the stock market’s fortunes took a nosedive and by 2021 its market share had fallen below 1% and has struggled to recover ever since. This latest court approval marks an important step for Bittrex as it navigates the complex legal terrain surrounding cryptocurrency regulation in the United States. It is not yet clear how the exchange’s global operations will fare in the wake of these legal challenges. But as the crypto industry continues to evolve, the world will be watching.
As a result, Bittrex received court approval for a revised bankruptcy plan to shut down its U.S. operations after filing for Chapter 11 bankruptcy protection in May. The company was accused by the U.S. Securities and Exchange Commission of operating an unregistered exchange and settled for $24 million in August. However, Bittrex Global continues to operate outside the United States. Bittrex Global CEO Oliver Linch emphasized the firm’s desire to work with those wary of U.S. regulatory uncertainty. Bittrex’s market share in the US had fallen below 1% by 2021.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.