Bittrex Global announced that it would shut down most exchange operations and trading activities in the coming weeks in an announcement published on November 20.
The company wrote:
“It is with great regret that we announce that Bittrex Global has decided to cease its operations. This decision was not taken lightly and we understand the inconvenience it could cause our valued customers.
The company said that starting December 4 at 6:00 p.m. UTC, all trading activities on its exchange would be disabled and customer relationships would end.
Bittrex said users can only withdraw their assets after this date. He noted that users will not be able to withdraw their US dollar holdings and said that users who wish to withdraw funds must convert their balances to euros (EUR) or crypto by December 4.
He noted that although there is no withdrawal deadline, users should withdraw their funds as soon as possible if liquidators impose such a deadline.
Bittrex said it would also end other operations and features. The company announced that it would immediately end its global sponsorship program and promotional programs. It also asked users not to make any deposits and warned that any deposits could be lost.
Total shutdown began with U.S. lockdowns
Bittrex announced plans to shut down its US operations around April due to regulatory challenges in the country. It also filed for bankruptcy in the United States in May. The company said at the time that it would continue to operate its global exchange.
Bittrex did not identify the issues that caused it to halt operations more generally today. Regardless, the company’s situation has evolved in recent months in ways that may have affected its global arm. In August, the company reached a $24 million settlement with securities regulators over Bittrex Global and its U.S. counterpart.
The reduction in trading volumes may also partly explain why the company chose to cease operations. Current data from CoinGecko indicates that Bittrex Global has a fairly modest daily trading volume of $5.1 million. In contrast, about two years ago, on November 30, 2021, the company recorded a daily trading volume of over $141 million.
Additionally, the company’s U.S. liquidation was approved by bankruptcy courts in late October, which could leave the company tending to its global operations in the final weeks.