Liechtenstein-based cryptocurrency exchange bittrex Global announced that it will cease all operations as of December 4 following its ongoing legal issues with the SEC.
According to the Nov. 4 update published on the exchange’s website, Bittrex Global will begin terminating trading on Dec. 4, starting with the suspension of trading activities.
It is with great sadness that we announce that Bittrex Global has decided to terminate its operations. Our clients will only be able to withdraw their assets as part of the liquidation process. All our clients are strongly encouraged to log into their accounts and withdraw their assets as soon as possible.
Bittrex also stated that it did not take the closure decision lightly and understands the inconvenience it may cause to its customers. However, the exchange urged customers to avoid depositing funds on the platform as it cannot guarantee that funds will be received safely and the funds may be permanently lost.
Do not make any deposits on our platform. We cannot guarantee that they will be received safely. If you send a deposit, your funds may be permanently lost as a result of the attempted transfer.
Bittrex closed its U.S. exchange on Mach, stating that it was no longer economically viable to continue operations following a $29 million settlement with the SEC over alleged securities law violations.
Bittrex filed for Chapter 11 protection in a US bankruptcy court in May after reaching a settlement with the SEC and paying a $24 million penalty, including interest. The platform later reopened withdrawals for users after receiving approval from the Delaware bankruptcy court.
Bittrex is among the top 100 cryptocurrency exchanges in the world and its 24-hour trading volume is just under $6 million. On the other hand, according to CoinGecko’s data, Coinbase’s daily transaction volume is 1.8 billion dollars and Binance’s is 7 billion dollars.