Bittrex crypto exchange filed for bankruptcy in the federal court of Delaware, days after a conflicted with the country’s securities regulatory body.
Bittrex is a popular crypto exchange and the services of this exchange were available globally. In the US, this exchange was providing services via Bittrex, and in other countries via Bittrex Global. On 30 April, the Bittrex exchange announced that it will quit the US crypto market citing an unclear regulatory environment & also urged customers to withdraw their funds as soon as possible.
Two weeks later, the United States Securities and Exchange Commission (SEC) initiated charges against Bittrex, Bittrex Global, & its co-founder William Shihara. The SEC charges noted that Bittrex was providing unregistered securities assets trading in the US.
At that time, no one was expecting that the financial position of the Bittrex exchange was not good & also it was one of the reasons why Bittrex decided to quit the US market.
On 8 May 2023, Bittrex Inc. announced that the company filed for bankruptcy under the Chapter 11 code in the federal court of Delaware.
The press release confirmed that the Bittrex Global exchange will run smoothly and also Bittrex customers’ funds are safe, who failed to withdraw before April 2023.
So, here it is fully clear that Bittrex exchange will soon liquidate its all platform & services and further will release funds for the rest customers who are waiting to get their funds back.
In this situation, some experts are claiming that Bittrex & Bittrex Global’s financial position is still strong enough and the bankruptcy decision is only to raise more funds from its valueable Bittrex assets.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.