Bittrex Global, a licensed cryptocurrency exchange based in the UK, has declared its intention to cease operations within the next two weeks. The Bittrex brand has shut down its second company, which serves consumers outside of the UK, after its US arm went insolvent.
Bittrex Global shuts down
On November 20, Bittrex Global made the announcement that the exchange, which is located in the UK, will be closing in the upcoming weeks. As part of the procedure, the exchange will stop trading on December 4; after that, users will only be able to withdraw their assets from the platform.
Users were also cautioned not to deposit money on the exchange since “funds may be permanently lost as a result of the attempted transfer,” according to the exchange. In addition, Bittrex Global informed users that they are unable to withdraw their holdings in USD. Instead, in order to be able to withdraw the related cash, consumers would have to change their USD balance into either EUR or cryptocurrency.
Before other cryptocurrency exchanges appeared, Bittrex was one of the biggest exchanges globally, which greatly increased competition. In 2018, alone, this exchange held 23 percent of the market share.
The Securities and Exchange Commission (SEC) accused Bittrex of breaking securities laws, leading to the US division of the platform filing for bankruptcy earlier this year. In order to resolve the charges, Bittrex paid the $24 million punishment imposed on the cryptocurrency exchange.
The bankruptcy of a number of these businesses over the past two years serves as evidence that the recent bear market and regulatory crackdown have made it harder for businesses involved in the cryptocurrency space to survive.