Liechtenstein-based Bittrex Global today announced it will wind down operations, ceasing all trading on its exchange by December 4.
The move follows a series of regulatory challenges that have hindered the crypto exchange, including the closure of its U.S. operations earlier this year. In March, Bittrex shuttered its U.S. exchange because it was not "economically viable" to continue doing business following a lawsuit and $29 million settlement with the SEC over alleged securities laws violations.
"It is with great regret that we announce that Bittrex Global has decided to wind down its operations," the company tweeted today. After December 4, "customers will only be able to withdraw assets as part of the winding down process. All our customers are strongly encouraged to log into their account and withdraw assets as soon as possible," its statement read.
Back in March, Bittrex co-founder and CEO Richie Lai expressed concerns over the current regulatory environment surrounding crypto. "Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape," he said in a statement at the time.
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
The closure of its U.S. operations proved to be prophetic for Bittrex, with the global exchange following suit today. The exchange ranks among the top 100 cryptocurrency exchanges in the world, according to CoinGecko, with a modest 24-hour trading volume of just under $6 million. By comparison, Coinbase registered $1.8 billion in volume over the last day, and Binance, the largest exchange by volume, notched just over $7 billion, per CoinGecko.
As part of the wind-down process, Bittrex Global has discontinued its referral program and ceased all promotions. The company has promised to support its customers during the wind-down process, making its team available to assist users with questions or concerns.