Crypto exchange platform Bittrex has been granted court permission to cease its US operations following its Chapter 11 bankruptcy protection filing. The move comes in response to allegations from the Securities and Exchange Commission (SEC) that the company was operating without proper registration. In an effort to address these claims, Bittrex has agreed to pay a substantial fine of $24 million.
Despite the halt in US operations, Bittrex Global, the international division of the company, remains operational. CEO Oliver Linch has assured that services for overseas users will continue without interruption. This comes as a crucial development for the firm which once held a significant market share of 23% in the US crypto market in 2018, but saw it plummet to less than 1% by 2021.
The court-approved liquidation plan represents a significant step towards managing Bittrex’s outstanding financial liabilities and resolving its ongoing legal disputes with the SEC. The plan’s execution will likely impact the firm’s future operations and its standing within the global crypto market.
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