Bittrex, a cryptocurrency exchange, has obtained court approval to close its US operations. This pertains to the amended bankruptcy issue for the company. According to a court filing, Judge Brendan Shannon approved the company’s liquidation factor for repaying its remaining creditors.
According to the records at the hearing, the court passed a ruling that it would initiate an amended Proposed Order that would help in solving the SEC’s unofficial statements.
In May 2023, Bittrex took the initiative to file for Chapter 11 bankruptcy protection. This occurred after the Securities and Exchange Commission charged the company with operating an unlicensed exchange. In turn, the company concluded the matter in August 2023 with an offering of $24 million to the SEC.
Bittrex has closed its doors in the United States, although Bittrex Global continues to conduct business from other locations.
The CEO of Bittrex Global, Oliver Linch, reached out to those who were apprehensive about doing business in the US and offered them the idea that if they so desired to run their operation beyond the shores of the US, they were welcome to do business with Bittrex Global.
There was a time when Bittrex was known to be one of the biggest exchanges in the US, having a market share of USD backing of almost 23% towards the beginning of 2018. Over time, the company came down to less than 1% in 2021 and, since then, has not been capable of rising.