Bittrex announced that it will halt all trading and cease operations by Dec. 4 after a series of hurdles with US regulators.
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Posted November 21, 2023 at 12:14 am EST.
Crypto exchange Bittrex plans to close its doors next month, marking yet another once-great crypto business to cease operations this year.
In a statement posted to its website on Monday, the Bittrex team said it would disable all trading activity on its platform on Dec. 4 after which customers would only be able to withdraw assets as the company winds down.
“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,” said the Bittrex team.
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
Bittrex was one of the largest crypto exchanges operational in the U.S. in 2018, commanding 23% of exchange’s in the country’s market share. At the time of writing, the exchange had recorded around $6 billion in daily trading volume, which dwarves Coinbase’s $1.8 billion recorded over the same period.
In August, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the exchange and its U.S. subsidiary for allegedly operating as an unlicensed exchange, broker and clearing agency. Shortly after, the exchange reached a settlement with the securities regulator and agreed to pay a $24 million penalty.
Earlier in the year, Bittrex US announced its plans to wind down, saying it was “not economically viable” to operate in the current U.S. regulatory environment.
The SEC has only increased its efforts to clamp down on crypto firms that have failed to register with them over the past year. Today, the regulator sued major U.S. crypto exchange Kraken for the same reasons, while also alleging the exchange had commingled up to $33 million in customer assets.