Bittrex Global exchange has announced its decision to wind down most of its exchange operations, setting off a flurry of concerns among its customer base. The firm published an official announcement on November 20, revealing its plans to cease trading activities in the coming weeks.
The decision, as communicated by the company, was not taken lightly. Bittrex Global acknowledged the potential inconvenience this move might cause to its valued customers and assured them of a commitment to a transparent wind-down process. However, the details and reasons behind this broad operational shutdown remain unspecified by the company.
Timeline and Key Actions
The timeline delineated by Bittrex Global delineates a clear plan of action for its users:
- Trading Suspension: Effective Monday, December 4, 2023, at 18:00 UTC, all trading activity on the platform will be disabled, except for withdrawals. Users are urged to complete necessary transactions before this date.
- Withdrawals: While no firm deadline has been set for withdrawals, customers are strongly encouraged to initiate asset withdrawals promptly. The company emphasizes that funds and tokens are secure and accessible for withdrawal, following the platform’s Terms of Service.
- USD Holdings: Notably, customers holding USD balances are required to convert these into either EUR or cryptocurrencies for withdrawal before the suspension of trading on December 4.
- Referral Program and Promotions: The referral program has been terminated immediately, and ongoing promotions have ceased. Trades executed until November 19, 2023, will receive rewards in the coming days.
- Deposits: The company advises against making any further deposits, cautioning that these might not be safely received and could result in the permanent loss of funds.
- Customer Support and Data Protection: Bittrex Global assures users of available customer support throughout the transition process and commits to handling personal information in accordance with its privacy policy.
Context and Company Developments
This abrupt decision follows previous events within Bittrex’s trajectory, notably the cessation of its American operations in April due to regulatory hurdles in the United States. The company’s U.S. counterpart filed for bankruptcy in May, while the global exchange operations persisted.
In August, Bittrex reached a substantial $24 million settlement with securities regulators encompassing both its global and U.S. arms. Though the specifics behind today’s broad operational halt remain undisclosed, it is apparent that the company’s recent developments, including regulatory settlements, might have impacted its global operations.
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