After facing the brunt of financial challenges, Bittrex Global has made the difficult decision to cease its operations, following its U.S. arm’s filing for bankruptcy protection earlier this year. In an official statement, the company expressed deep regret and acknowledged the inconvenience this decision may cause to its valued customers. Users are urged to promptly log into their accounts and initiate the withdrawal of their assets.
related: Bittrex U.S. to Shut Down After Bankruptcy Court Approval
The closure announcement comes in the wake of assurances from Bittrex Global CEO Oliver Linch, who, just a few months prior, had conveyed the exchange’s commitment to serving customers seeking a non-U.S. regulated digital assets exchange. However, the stark reality unfolded as the exchange, once a prominent player in the U.S. market, saw its market share plummet to less than 1% in 2021.
The downfall began with Bittrex’s U.S. unit filing for Chapter 11 bankruptcy protection in May, a move prompted by charges from the Securities and Exchange Commission (SEC) alleging the operation of an unregistered exchange.
With trading activity set to cease on the platform by December 4, Bittrex Global faces the challenging task of winding down its operations while urging users to swiftly withdraw their funds from the platform.