Bittrex crypto exchange secures court approval to halt its U.S. activities, addressing SEC concerns while maintaining its global services.
): Bittrex, the prominent cryptocurrency exchange, has received judicial authorization to discontinue its U.S. operations after filing for bankruptcy in May. Delaware Judge Brendan Shannon has sanctioned Bittrex’s proposal to settle its outstanding debts, culminating from engagements with the Securities and Exchange Commission (SEC).
Background: Bittrex encountered complications when the SEC accused them of operating an unregistered exchange, resulting in a settlement involving a substantial $24 million fine. In a bid to navigate their financial difficulties, Bittrex obtained a loan of 250 BTC, which was approved by the presiding judge.
Continued Global Presence
Despite their setbacks in the U.S., Bittrex Global remains operational on a global scale. CEO Oliver Linch affirmed their commitment to assisting clients beyond the U.S. borders. Bittrex was once a dominant player in the U.S. cryptocurrency market, claiming nearly 23% of the market share in 2018. However, by 2021, that share had dwindled to less than 1%.
This development in the Bittrex saga underscores the dynamic nature of cryptocurrency regulations and their capacity to influence even major industry players.