Cryptocurrency exchange Bittrex has received court approval for a revised bankruptcy plan to cease its operations in the United States. The decision comes after Bittrex filed for Chapter 11 bankruptcy protection in May following allegations from the Securities and Exchange Commission for operating as an unregistered exchange. The company subsequently paid a $24 million fine to the SEC in August.
Despite the closure of operations in the United States, the international division of the Bittrex Global exchange continues to operate. The company’s CEO, Oliver LINCH, has reassured users outside of the United States about the continuity of services, emphasizing the absence of regulatory uncertainty that has been a concern within the US crypto space. Bittrex, once a dominant presence in the US cryptocurrency exchange market, has seen significant changes in its market share in recent years. According to The Block, in 2018 the exchange had a market share of almost 23%. However, by 2021, the company’s rating has plummeted to below 1% and it is struggling to regain its former prominence in the cryptocurrency industry.
Bittrex’s court-approved liquidation plan represents a significant step in the company’s efforts to resolve its remaining financial obligations and resolve legal disputes with the SEC. As the exchange continues to wind down its US operations, it will focus on paying remaining creditors while adhering to the legal framework set out in the bankruptcy proceeding.
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