a Bittrex Global, one of the largest cryptocurrency brokers on the market, announced on Monday evening (20) that it will cease operations in the coming weeks. The news follows the company’s recent decision to cease operations in the United States and comes at a time when the cryptocurrency sector is facing regulatory challenges.
In an official statement, the brokerage expressed its regret over the decision and acknowledged the “inconvenience” the measure could cause for its customers. From December 4th he said Company, all trading activities are suspendedand the company will begin to end its relationships with customers.
“It is with great regret that we have to inform you that Bittrex Global has decided to cease operations.”
Users should withdraw cryptocurrencies as soon as possible
It is important to emphasize that Bittrex informed that users can only withdraw funds until December 4, that is, two weeks from today, obliged to withdraw the money before the deadline.
“All our customers are strongly encouraged to log into their accounts and withdraw assets as soon as possible. After this date, clients can only withdraw assets as part of the bankruptcy process.”
The company also warned that the deadline could be shorter, arguing that a new deadline could be set at any time during the bankruptcy process.
Additionally, the company is immediately terminating its Global Referral Program and promotional programs, and is warning its users not to make any new deposits as they may be lost.
The company also said that its support team will be available throughout the process to help with any questions. Users should open a support ticket at https://global.bittrex.com/Home/Support for assistance.
It is with great regret that we inform you that Bittrex Global has decided to cease operations.
Effective Monday, December 4, 2023, all trading activity on Bittrex Global will be disabled. After that date, customers can only withdraw assets as part of…
— Bittrex Global (@BittrexGlobal) November 20, 2023
Bitrex Global announces end of operations
Bittrex’s situation worsened following the closure of operations in the US, which began in April this year due to regulatory challenges, followed by a bankruptcy filing in May.
Although Bittrex Global did not explain all the issues that led to this decision, factors such as a $276 million fine in the US and the significant reduction in trading volumes may have influenced the measure.
Currently, Bittrex Global records a daily trading volume of just $5.1 million, a sharp decline from the $141 million recorded two years ago.
The decision marks a turning point in the cryptocurrency industry and reflects not only the regulatory challenges faced by companies in the sector, but also the market volatility impacting global cryptocurrency activities.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.