Crypto exchange Bittrex Global announces shutdown

Liechtenstein-based cryptocurrency exchange Bittrex Global will cease operations. Trading suspensions start as soon as December 4th. Users holding US dollars must convert their funds to Euros or cryptocurrencies prior to ensure smooth withdrawals.

This decision aligns with Bittrex halting operations in the U.S. due to regulatory uncertainties in April 2023. The U.S. Securities and Exchange Commission (SEC) had charged Bittrex Global for operating as an unregistered exchange, broker and clearing agency. The SEC alleged that the exchange was trading tokens classified as securities on the exchange.

It is with great regret that we inform you that Bittrex Global has decided to wind down its operations.

Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the…

— Bittrex Global (@BittrexGlobal) November 20, 2023

Further procedure following the shutdown

After the allegations by the SEC, Bittrex filed for Chapter 11 protection in U.S. bankruptcy court in May and settled its case with the SEC for $24 million in penalties and interest in August. Following this course of events Bittrex Global released the news of shutting down its operation on November 20th 2023.

"It is with great regret that we announce that Bittrex Global has decided to wind down its operations. This decision was not made lightly, and we understand the inconvenience it may have on our valued customers." - Bittrex Global official statement

The platform ensures the safety of all funds and tokens, urging users to log in and withdraw their assets promptly. Notable actions include the termination of the Referral Program and the suspension of promotions. Customers are advised against making deposits, and a deadline for withdrawals has not been set. Customer support will be available throughout the transition, and data protection measures will be upheld. Further updates will be communicated through official channels.

Next steps for Bittrex users

1. Trading Suspension Notice - Bittrex Global trading will halt starting Monday, December 4th, at 18:00 UTC. Users have to finalize any pending transactions before this deadline. After this time, all Bittrex Global client accounts will be closed, and all platform activity, except for withdrawals, will be deactivated.
2. Note on USD holdings – Customers of Bittrex Global will not be able to directly withdraw USD holdings. Users with a USD balance need to convert it before December 4th into either EUR or crypto in order to be able to withdraw the associated funds.
3. Referral Programme – The Bittrex Global Referral program was terminated and ceased earning rewards effective immediately. All rewards earned on trades executed up to and including 19 November 2023 will be paid out in the coming days.
4. Promotions – All promotions have ceased and all transactions are subject to the standard Bittrex Global fee schedule.
5. Deposits – Users are urged not to make any deposits to Bittrex. The crypto exchange cannot guarantee that they will be received safely. Deposited funds may be permanently lost as a result of the attempted transfer.
6. Withdrawals – No deadline has been set for customers to withdraw funds from Bittrex Global after the suspension of trading on 4 December 2023. However, the exchange strongly recommends that customers withdraw funds as quickly as possible, as a withdrawal deadline may be set by the liquidators at some point in the future.
7. Customer Support – The Bittrex customer support team will be available to assist with any questions or concerns during the transition process. Users can create a support ticket here.