Cryptocurrency exchange Bittrex can now proceed with liquidating assets and repaying creditors after legal challenges
The cryptocurrency exchange has received court approval to wind down its operations in the United States. This decision comes after a series of legal and regulatory challenges faced by the company.
Bittrex filed for Chapter 11 bankruptcy protection in May following charges from the Securities and Exchange Commission (SEC) for running an unregistered exchange. The company eventually settled with the SEC for $24 million in August. Bittrex cited unclear crypto regulations in the US as the reason for its decision to leave the country.
The court has now approved Bittrex's revised bankruptcy plan. This means the company can proceed with liquidating its assets to repay creditors. The decision is seen as a step towards settling its financial obligations and addressing the fallout from its legal disputes.
Over the years, Bittrex's market share in the U.S. has significantly declined. The closure of its U.S. operations is expected to further impact the company's standing in the market. However, Bittrex Global, the international arm of the exchange, remains operational and offers an alternative for users concerned about regulatory uncertainty in the United States.
Despite the closure of its U.S. operations, Bittrex Global, based in Lichtenstein, will continue to serve customers in other jurisdictions. The company will focus on repaying its remaining creditors and providing a secure and compliant platform for trading and investment in the crypto space.
In conclusion, while Bittrex's U.S. operations are winding down, the company's international arm, Bittrex Global, will continue to operate, providing a viable option for users in other parts of the world.