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Crypto Exchange Bittrex Global Shuts Amid Regulatory Scrutiny!

crypto exchange Bittrex closing down
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Bittrex Global, a crypto exchange based in Liechtenstein, announced the cessation of its operations. The exchange has confirmed that it will halt all trading activities by December 4, marking a significant turn in its business trajectory. In an update released on November 20 on its website, Bittrex Global advised its users to convert their U.S. dollar holdings into either euros or cryptocurrencies before the December 4 deadline.

Failure to do so may result in users being unable to withdraw their assets. From December 4 onwards, the platform will stop all trading activities and restrict operations to certain withdrawals. Acknowledging the impact of this decision, Bittrex Global stated, “This decision was not made lightly, and we understand the inconvenience it may have on our valued customers.

This move comes on the heels of various regulatory challenges that have plagued the crypto exchange. Notably, Bittrex had to close its U.S. operations earlier this year due to economic viability concerns following a lawsuit and a substantial $29 million settlement with the SEC for alleged violations of securities laws.

In March, amidst these challenges, Bittrex’s co-founder and CEO Richie Lai voiced concerns about the prevailing regulatory environment in the crypto sector. He highlighted the lack of clarity and uneven enforcement of regulatory requirements, which he believed created an unbalanced competitive field.

The shutdown of Bittrex’s U.S. operations earlier this year foreshadowed the global shutdown. Despite being ranked among the top 100 cryptocurrency exchanges globally by CoinGecko, Bittrex Global has experienced a modest trading volume, trailing significantly behind giants like Coinbase and Binance. As part of its wind-down process, Bittrex Global has terminated its referral program and all ongoing promotions. The company has pledged to provide continuous support to its customers during this transition, ensuring assistance is available for users with queries or concerns regarding the closure.

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