In a significant development, Bittrex, the cryptocurrency exchange, has secured court approval for its updated bankruptcy plan, signaling the final stages of winding down its U.S. operations.
A court filing unveiled that Judge Brendan Shannon, presiding over a hearing in Delaware on Monday, greenlit the company’s liquidation plan, aimed at repaying its remaining creditors.
The filing elucidated,
“As stated on the record at the Hearing, the Court ruled that it would enter a revised Proposed Order, which resolves the SEC’s informal comments.“
Bittrex made headlines in May when it sought Chapter 11 bankruptcy protection, responding to allegations by the Securities and Exchange Commission (SEC) for operating an unregistered exchange. The resolution of this legal dispute saw Bittrex settling with the SEC for $24 million in August.
Global Presence Continues
While Bittrex’s U.S. operations have come to a close, Bittrex Global remains fully operational in other parts of the world. In a reassuring statement made in August, Bittrex Global CEO Oliver Linch addressed concerns stemming from regulatory uncertainties in the U.S., saying,
“If they want to do business with a non-U.S. regulated digital assets exchange, Bittrex Global is here for you.“
It’s worth noting that Bittrex was once a dominant force in the U.S. cryptocurrency exchange landscape, boasting a substantial market share of nearly 23% at the outset of 2018, as reported by data from The Block. However, its market presence dwindled significantly to less than 1% by 2021, and it has struggled to recover since.