Bittrex Global won’t let users withdraw in USD as it winds down

Bittrex Global announced in a post on X that it’s winding down its global operations, just months after it shuttered its US arm following a lawsuit by the US Securities and Exchange Commission.

In a post on X, Bittrex Global said that it would shutter all trading activity on Dec. 4. 

“After that date, customers will only be able to withdraw assets as part of the winding down process,” the company said.

Additionally, the exchange will not pay out in US dollars. Instead, it instructed customers to convert to either crypto or euros prior to withdrawing. 

A post on the company’s website warned customers not to make a deposit because customer “funds may be permanently lost as a result of the attempted transfer.”

Bittrex’s US arm agreed to pay $24 million to the SEC as part of a settlement back in August. Bittrex Global, however, did not pay anything as part of the settlement. 

The SEC charged Bittrex in April, claiming that the company operated as an unregistered broker, exchange and clearing agency. It also pursued charges against the Global arm as well.

Bittrex Global CEO Oliver Linch told Blockworks in May that the two companies — Bittrex US and Bittrex Global — were “entirely separate companies” despite the regulatory agency targeting both in its suit.

Also in May, Bittrex US filed for bankruptcy but has since had its bankruptcy plan cleared by the court. Following the late October approval, Bittrex US was cleared to start selling off its US-based assets. 

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