|
|
Edited by Kapil334 at 22-12-2023 05:21 AM
The former largest cryptocurrency exchange in the United States, Bittrex, announced its exit from the U.S. market on April 30th this year and filed for Chapter 11 bankruptcy protection with the U.S. Securities and Exchange Commission (SEC) in May. The official announcement in September stated that this move would not affect the operations of its international subsidiary, Bittrex Global. However, in less than two months, Bittrex Global officially announced the decision to cease operations today. According to the announcement, starting from 2:00 AM on December 5, 2023 (Beijing time), Bittrex Global will terminate all trading activities and only provide withdrawal services to users. With the closure of Bittrex Global, the once-dominant Bittrex exchange in the U.S. market officially becomes history.
Bittrex Global emphasized in its statement that all funds and cryptographic assets on the platform are secure, urging all customers to log in to their accounts and withdraw their assets as soon as possible.
What Bittrex Global users should note:
1. Conversion of USD balances: Users with USD balances need to convert them to euros or cryptocurrencies before the suspension date for withdrawal because Bittrex Global does not allow direct withdrawal of USD.
2. Referral programs and promotions: All ongoing referral programs and promotions have been terminated. Rewards for transactions conducted in the referral program before November 19, 2023 (inclusive) will be paid in the coming days.
3. Deposits and withdrawals: Deposits are not accepted as they may not be processed securely. Although a specific deadline for withdrawals has not been set, users are advised to withdraw their funds as soon as possible.
4. Customer support and data protection: During this transition period, Bittrex Global guarantees continuous customer support and compliance with data protection standards.
Rise and fall of Bittrex in the U.S. market:
Several key factors explain the success of Bittrex in the U.S. market:
1. Background and founder experience: Founded in 2014 by three former senior security managers from Amazon, who were also alumni of Microsoft, their background and experience provided Bittrex with a solid technical and business foundation.
2. Diversity of trading pairs: In August 2018, Bittrex offered 284 trading pairs, ranking as the 32nd largest cryptocurrency exchange globally by CoinMarketCap at that time. By early 2021, Bittrex's ranking rose to 14th by CoinMarketCap and 15th by Crypto Compare, reflecting its improved market position.
3. Cooperation with banks: In May 2018, Bittrex announced a banking relationship with Signature Bank in New York, allowing some customers to conduct USD-to-cryptocurrency transactions, further expanding its service scope and attractiveness.
However, in recent years, due to various factors, including a stringent regulatory environment and market competition, Bittrex's position in the U.S. market has gradually declined. Earlier this year, Bittrex first announced in late March that it would exit the U.S. market by April 30, citing the uncertainty of U.S. regulation. Subsequently, in mid-April, the U.S. Securities and Exchange Commission (SEC) charged Bittrex and its former CEO with operating an unregistered securities exchange.
Less than a month later, in May, Bittrex officially filed for Chapter 11 bankruptcy protection in the United States and reached a settlement with the SEC in August, agreeing to pay a total of $24 million in fines. These difficulties in operations ultimately led to the end of Bittrex's operations. |
|
Post time 26-11-2023 20:42:28