Bittrex Exchange Gets Court Permission to Stop its US Operations
Bittrex crypto exchange finally gets court approval to close U.S. operations, resolving SEC issues, while continuing its services in other countries unaffected.
Bittrex, a once-popular crypto exchange, Finally gets court permission to close its U.S. business after filing for bankruptcy in May.
In a Delaware court, Judge Brendan Shannon approved Bittrex's plan to pay back its creditors. This decision follows feedback from the Securities and Exchange Commission (SEC).
Background: Bittrex faced problems when the SEC said it ran an unregistered exchange. They later settled and agreed to pay a big $24 million fine. To help with their bankruptcy, Bittrex borrowed 250 $BTC, which the judge approved.
Global Operations Continue
Even with U.S. issues, Bittrex Globalstill works internationally. Their CEO, Oliver Linch, said they are ready to help those outside the U.S. Bittrex was once very big in the U.S., with almost 23% market share in 2018. But by 2021, it had less than 1%.
This Bittrex news shows how crypto rules can change and impact even big companies.
