Popular crypto exchange Bittrex Global announced on Monday that it will shut down its operations by December 4th. The announcement comes after a series of regulatory battles with the United States Securities and Exchange Commission (SEC).
Earlier this year, Bittrex Global was forced to close its American entity after paying the SEC over $29 million in penalty fees following the regulator’s accusations that the firm violated several securities policies. At the time, the exchange’s leadership said operating in the United States was no longer “economically viable.”
Bittrex Global Users to Access Accounts After December 4th
While announcing its decision to shut down yesterday, Bittrex Global advised customers to log into their accounts and withdraw their cryptocurrencies as soon as possible. However, the exchange also said that after December 4th, customers will still be able to access their accounts and remove funds.
Bittrex Global founder Richie Lai has been expressing concerns over the existing regulatory environment since the start of the year. He has said several times that despite regulatory requirements being unclear, regulators in the United States haven’t stopped targeting crypto companies.
According to data from CoinGecko, Bittrex Global is among the leading 100 crypto exchanges by trading volume. Over the past 24 hours, the platform has processed a trading volume worth $26 million. By comparison, Binance, the biggest crypto exchange, has posted $7 billion in trading volume, while Coinbase has processed $1.8 billion within the same timeframe.
Per yesterday’s announcement, Bittrex Global will no longer continue running promotions. However, it has promised to offer customer support to all users during the shutdown process.
SEC Files Charges Against Another Crypto Exchange
Bittrex Global is one of the many cryptocurrency exchanges that have been targeted by the Securities and Exchange Commission this year. Just yesterday, the regulator announced it had leveled charges against Kraken, accusing the exchange of operating as an unlicensed securities trading platform, dealer, and broker. The SEC had brought similar charges against Coinbase in June.
Moreover, Kraken has been accused of commingling user funds with the company’s crypto assets, including settling its bills using an account holding customer funds.
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