Crypto exchange Bittrex’s U.S. shutdown, approved in a bankruptcy court, marks the end of its American operations. The company sought Chapter 11 bankruptcy protection in May, following charges from the Securities and Exchange Commission (SEC) for operating an unregistered exchange. A court filing revealed that Judge Brendan Shannon greenlit the company’s revised liquidation plan to settle remaining debts.
Despite this setback, Bittrex Global, the international arm of the exchange, remains operational. Bittrex Global CEO Oliver Linch emphasized the availability of their services to those seeking alternatives outside the U.S. regulatory framework, amid increasing regulatory uncertainty in the region.
Bittrex, once a dominant player in the U.S. market with nearly 23% USD support in early 2018, witnessed a steep decline, plummeting to below 1% by 2021 and failing to recover since. The company’s closure reflects the challenges faced by cryptocurrency exchanges in navigating complex regulatory environments.
