Bittrex Global has run its course and has unveiled its plans to wind down all operations by December 4.
As Bittrex detailed, it will halt all trading activities at the set date but its platform will remain accessible to users who plan to withdraw their funds. The woes of the exchange range from the harsh impacts of the crypto winter to the unfavorable regulatory landscape in the United States.
Next Steps for Bittrex Customers
Bittrex allayed its user’s fears, noting that their assets remain safe. While users can withdraw their funds freely from now until December 4, the exchange said withdrawals beyond this date will follow the winding down process.
One important note to users is that they cannot withdraw USD holdings directly from the platform. The exchange advised its customers with any USD holdings to first convert them to another crypto or EUR before making withdrawals. The exchange said users have to make the USD conversion before the December 4 deadline.
As a part of the winding down operations, Bittrex said all forms of referral programs and promotions have stopped and that users should not attempt to deposit money into their accounts as it has no guarantee it can safely receive the funds.
Bittrex has a rich history of supporting unhindered funds movement including those heavily linked to whale activities. This winding down remained one of the key aftermaths of the SEC’s enforcement actions according to members of the crypto community.
Bittrex Lost its Bankruptcy Battle
Bittrex notably passed through what few of the crypto platforms passed through over the past year. While it filed for bankruptcy earlier this year, this move is not unique, as other firms including FTX and BlockFi have also trailed a similar path.
Bittrex also faced enforcement actions from the US Securities and Exchange Commission (SEC) for operating an unregistered National Securities exchange, broker, and clearing agency. The firm had to cough out $24 million in settlement to resolve the issues at the time, compounding its woes.
While withdrawals reopened post-bankruptcy based on approval from the court, the exchange is not coming out of its bankruptcy episode whole as shown in the plans to call it quits.