Bittrex Financial News

A US district judge signed a court order on Tuesday allowing Bittrex customers to make withdrawals following back and forth between the court and the US government.

Cryptocurrency trading platform Bittrex is expected to resume customer withdrawals on June 15 following an order from a judge in the United States Bankruptcy Court for the District of Delaware. The decision does not settle the question of the subordination of U.S. government claims, which had led to objections against its plan.

The US Department of Justice objected to a proposal by crypto exchange Bittrex to return money to customers as part of its liquidation plan. 

On Tuesday, the U.S. Securities and Exchange Commission (SEC) filed an emergency action to freeze the assets of crypto exchange Binance's U.S. subsidiary, repatriate the assets held on behalf of its customers, and seek other emergency relief actions against other Binance-affiliated entities.

Cryptocurrency exchange Binance and its U.S. affiliate were hit with more than $790 million in withdrawals in the 24 hours after the Securities and Exchange Commission (SEC) filed a lawsuit against them.

The World Economic Forum, in collaboration with its Digital Currency Governance Consortium, has released a paper on regulating crypto assets.

The crypto market has seen a lot of pressure from regulators in diverse jurisdictions, even as the market trend has been more bearish recently.

Cryptocurrency exchange Huobi Global Limited has to stop operations in Malaysia after its regulator found it was operating without being registered. 

The rise of liquidation of industry-leading cryptocurrency platforms and institutions is set to be a recurring negative trend, with Voyager and Bittrexr being the latest addition.

The US Securities and Exchange Commission stands ready to help crypto intermediaries come into compliance, said the agency’s Chair Gary Gensler.

The US and Maltese arms of crypto exchange Bittrex have processed $425 million in withdrawals since the platform announced plans to wind down US operations. 

Congress must determine which regulator has authority over cryptocurrency markets,U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce said Wednesday—as her organization cracks down on crypto companies and market participants seek greater regulatory clarity.

Bankrupt cryptocurrency exchange Bittrex Inc received court permission Wednesday to borrow $7 million in bitcoin to fund the start of its Chapter 11 case. Seattle-based Bittrex filed for bankruptcy Monday, saying it intended to return customer funds and wind down its U.S. operations. The company's international affiliates will continue to operate crypto exchanges for customers outside of the U.S., but Bittrex said that the U.S. regulatory environment had become untenable after the SEC sued the company for allegedly running an unregistered securities exchange. Before filing for bankruptcy, Bittrex stopped accepting new deposits from U.S. customers and told its existing users to withdraw their crypto from the platform. Bittrex's U.S. operations made up a minority of its overall users. Affiliated exchanges based in Liechtenstein and Bermuda accounted for about 77% of the company's 5.4 million users as of March 27, according to court filings.

Bittrex filed for Chapter 11 bankruptcy protection, a month after saying it would shutter its U.S. operations, becoming the latest victim of crypto winter.

Despite this, last month the SEC charged the firm, and co-founder and former CEO William Shihara, for operating an unregistered securities exchange, broker, and clearing agency.Now the company has filed Chapter 11 bankruptcy in federal court in Delaware, saying it believes it has more than 100,000 creditors, with estimated liabilities and assets both within the $500 million to $1 billion range."For those customers who did not withdraw their funds from the platform prior to the end of April, your funds remain safe and secure, and our main priority is to ensure that our customers are made whole," says a statement.The move does not affect Bittrex Global, which will continue to operate as normal serving customers outside of the US.The firm joins FTX, Celsius, Voyager and BlockFi among the crypto outfits to file for bankruptcy over the last year.

Bittrex US has filed for bankruptcy in a federal court in Delaware less than a month after the US Securities and Exchange Commission accused the crypto platform of running an unregistered securities exchange.

Cryptocurrency trading platform Bittrex has filed for Chapter 11 bankruptcy protection in the District of Delaware.

Coinbase Global (COIN), the parent company of the largest crypto exchange in the United States, launched a new crypto-derivatives exchange in Bermuda, to trade products that aren't allowed in the U.S. amid a lack of regulatory certainty.

Oliver Linch, chief executive officer of cryptocurrency exchange Bittrex Global, has pushed back against the United States Securities and Exchange Commission (SEC), claiming the company never had a clear opportunity to discuss a potential enforcement action.

In this article

Last week, the Markets in Crypto-Assets Act, also known as MiCA, was finally passed by the European Parliament. While MiCA technically still has to be approved by the European Council, there’s little doubt that the world’s first comprehensive crypto framework will become a reality by 2024 or 2025.