In a recent announcement, Bittrex Global revealed its decision to wind down its operations, marking the end of most exchange activities and trading. The company acknowledged the inconvenience this move would pose to its valued customers, emphasizing that this decision was not made lightly.
Starting from December 4, 6:00 p.m. UTC, Bittrex Global will disable all trading activity on its exchange and terminate client relationships. While users will still be able to withdraw their assets after this date, they will no longer have the option to withdraw U.S. dollar holdings. Instead, users are advised to convert their balances to euros (EUR) or cryptocurrencies before the given deadline. Bittrex Global has not specified a withdrawal deadline, but users are encouraged to withdraw their funds as soon as possible to avoid potential complications imposed by liquidators.
Winding down operations and features
In addition to ending trading activity, Bittrex Global will also wind down its Global Referral Program and promotion programs immediately. The company explicitly warned users against making any new deposits and highlighted the risk of potential loss associated with such deposits.
While Bittrex Global did not disclose the specific reasons for halting its operations, it is important to note that the company has faced regulatory challenges in the past. In April, Bittrex Global announced plans to halt operations in the United States due to these challenges and subsequently filed for bankruptcy in May. Although the company initially expressed its commitment to continuing its global exchange, it appears that recent developments have impacted its ability to do so.
One potential factor contributing to Bittrex Global’s decision to cease operations may be the significant decrease in trading volumes. According to current data from CoinGecko, the platform’s daily trading volume stands at a modest $5.1 million. In contrast, just two years ago, on November 30, 2021, Bittrex Global recorded a daily trading volume exceeding $141 million. Such a decline in trading activity likely influenced the company’s choice to wind down its operations.
The aftermath of U.S. wind-down approval
At the end of October, the U.S. bankruptcy courts approved Bittrex Global’s wind-down of operations in the country. This approval potentially left the company with the task of addressing its global operations in the subsequent weeks, leading to the current situation.
As Bittrex Global takes the unfortunate step of discontinuing its exchange activities and terminating trading, users are urged to take immediate action to secure their assets. With all trading activity disabled from December 4 onwards, users must withdraw their funds promptly to avoid any potential complications. The winding down of Bittrex Global serves as a reminder of the challenges faced by cryptocurrency exchanges in an ever-evolving regulatory landscape.