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Friday, April 19, 2024

Bittrex Inc. Bitcoin And Crypto Exchange Files For Chapter 11 Bankruptcy

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Bittrex, a bitcoin and cryptocurrency exchange platform founded in 2014, has filed for bankruptcy in the state of Delaware. The decision comes after the company previously announced that it would be ceasing all operations in the U.S. effective April 30th as a result of U.S. Securities and Exchange Commission charges against the firm and its former CEO for operating an unregistered exchange, broker, and clearing agency. However, this announcement does not impact Bittrex Global, according to a statement released by the company, which will continue its operations as usual for customers outside of the U.S.

For customers who did not withdraw their funds from the platform prior to the end of April, the company has stated that their funds remain “safe and secure.” While the Bankruptcy Court will ultimately decide the method by which those funds can be claimed by and distributed to customers, the company stated its intentions to activate those accounts as soon as possible so that customers who meet the necessary regulatory requirements can withdraw their funds.

Bittrex has also retained Omni Agent Solutions to provide email and website updates to customers. The company has encouraged affected customers to visit their website during this process, as they will provide additional information as it becomes available, and customers will also receive information directly from the bankruptcy court.

In the released statement, the company said, “Our main priority is to ensure that our customers are made whole. We are committed to working through the bankruptcy process in a way that is transparent and compliant with all applicable laws and regulations. We apologize for any inconvenience this may cause and appreciate your patience during this time.”

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