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Bittrex Global has announced to wind down most exchange operations and trading activities in the coming weeks.
Effective December 4 at 6:00 p.m. UTC, Bittrex Global will disable all trading activity on its exchange and terminate client relationships.
Following this date, users will only be able to withdraw their assets. Notably, the company specified that U.S. dollar holdings cannot be withdrawn, urging users to convert their balances to euros (EUR) or cryptocurrencies before the cutoff.
It is with great regret that we inform you that Bittrex Global has decided to wind down its operations.
Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the…
— Bittrex Global (@BittrexGlobal) November 20, 2023
Bittrex Asks Users to Withdraw Funds
While Bittrex did not impose a specific withdrawal deadline, it advised users to withdraw funds promptly in case liquidators introduce such a constraint.
Alongside halting trading, the company announced the cessation of other operations and features, including the Global Referral Program and promotion programs.
Users were explicitly warned against making further deposits, with a caution that any such deposits might be lost.
The decision to wind down operations globally follows Bittrex’s earlier move to cease its American operations in April, citing regulatory challenges.
In May, the company filed for bankruptcy in the U.S., pledging to continue its global exchange operations. However, in recent months, the company faced undisclosed challenges that led to the broader decision to halt operations.
Last month a US court approved the Chapter 11 plan of Seattle-based cryptocurrency exchange Bittrex to cease its operations.
Daily Trading Volume Reaches $5.1 Million
One factor that may have influenced this decision is the significant reduction in trading volumes on Bittrex Global.
Current data from CoinGecko indicates a daily trading volume of $5.1 million, notably lower than the $141 million observed approximately two years ago on November 30, 2021.
Additionally, the company’s U.S. wind-down received approval in bankruptcy courts at the end of October, potentially prompting Bittrex to address its global operations in the subsequent weeks.
The company reached a $24 million settlement with securities regulators in August, encompassing both Bittrex Global and its U.S. counterpart.
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