Bittrex Global announced that it will end most exchange operations and trading activity in the coming weeks in an announcement published on Nov. 20.
The company wrote:
“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.”
The company said that starting Dec. 4 at 6:00 p.m. UTC, all trading activity on its exchange will be disabled, and client relationships will be terminated.
Bittrex said that users can only withdraw assets after that date. It noted that users will not be able to withdraw U.S. dollar holdings and said that users who wish to withdraw funds must convert their balances to euros (EUR) or crypto before Dec. 4.
It noted that although there is no withdrawal deadline, users should withdraw funds as soon as possible if liquidators impose such a deadline.
Bittrex said that it will also wind down other operations and features. The company said that it will end its Global Referral Program and promotion programs immediately. It also told users not to make any deposits and warned that any deposits may be lost.
Total shutdown began with U.S. closures
Bittrex announced plans to halt American operations around April due to regulatory challenges in the country. It also filed for bankruptcy in the U.S. in May. The company said at the time that it would continue to operate its global exchange.
Bittrex did not identify the issues that led it to halt its operations more broadly today. Regardless, the company’s situation has developed in recent months in ways that may have affected its global arm. In August, the company reached a $24 million settlement with securities regulators concerning both Bittrex Global and its U.S. counterpart.
Reduced trading volumes may also be part of the reason that the company has chosen to cease operations. Current data from CoinGecko indicates that Bittrex Global has a fairly modest daily trading volume of $5.1 million. By contrast, approximately two years ago, on Nov. 30, 2021, the company saw over $141 million in daily trading volume.
Additionally, the company’s U.S. wind-down was approved in bankruptcy courts at the end of October, possibly leaving the firm to address its global operations in recent weeks.
