The corporate wrote:
“It’s with nice remorse that we announce that Bittrex International has determined to wind down its operations. This choice was not made flippantly, and we perceive the inconvenience it might have on our valued clients.”
The corporate stated that beginning Dec. 4 at 6:00 p.m. UTC, all buying and selling exercise on its trade might be disabled, and consumer relationships might be terminated.
Bittrex stated that customers can solely withdraw property after that date. It famous that customers will be unable to withdraw U.S. greenback holdings and stated that customers who want to withdraw funds should convert their balances to euros (EUR) or crypto earlier than Dec. 4.
It famous that though there isn’t any withdrawal deadline, customers ought to withdraw funds as quickly as doable if liquidators impose such a deadline.
Bittrex stated that it’s going to additionally wind down different operations and options. The corporate stated that it’s going to finish its International Referral Program and promotion applications instantly. It additionally advised customers to not make any deposits and warned that any deposits could also be misplaced.
Complete shutdown started with U.S. closures
Bittrex introduced plans to halt American operations around April as a result of regulatory challenges within the nation. It additionally filed for bankruptcy within the U.S. in Might. The corporate stated on the time that it might proceed to function its international trade.
Bittrex didn’t establish the problems that led it to halt its operations extra broadly in the present day. Regardless, the corporate’s state of affairs has developed in latest months in ways in which could have affected its international arm. In August, the corporate reached a $24 million settlement with securities regulators regarding each Bittrex International and its U.S. counterpart.
Lowered buying and selling volumes can also be a part of the rationale that the corporate has chosen to stop operations. Present information from CoinGecko signifies that Bittrex International has a reasonably modest day by day buying and selling quantity of $5.1 million. In contrast, roughly two years in the past, on Nov. 30, 2021, the corporate noticed over $141 million in day by day buying and selling quantity.
Moreover, the corporate’s U.S. wind-down was approved in bankruptcy courts on the finish of October, presumably leaving the agency to handle its international operations in latest weeks.