Bittrex Global revealed it will stop all of its trading services as it will soon be shutting down its business operations in the United States. The crypto exchange is now asking customers to withdraw their digital assets.

Bittrex Global’s announcement came about nine months after it shared its plans to discontinue its service due to the changing regulatory environment in the country. The company said it will halt trading on its platform in December, as per CoinTelegraph.

The Crypto Exchange Confirmed Suspension of Business

The company said that users of its service that have U.S. dollar holdings must convert their funds to either cryptocurrency or euro as soon as possible. Bittrex Global said that after Dec. 4, they will not be able to withdraw their assets anymore. Moreover, on the mentioned date, the firm said it would cease trading and allow some withdrawals only.

“It is with great regret that we inform you that Bittrex Global has decided to wind down its operations. Effective Monday 4 December 2023, all trading activity on Bittrex Global will be disabled,” Bittrex wrote in a post on X on Tuesday, Nov. 21. “After that date, customers will only be able to withdraw assets as part of the winding down process. All our customers are strongly encouraged to log into their account and withdraw assets as soon as possible.”

The exchange further advised users to refrain from making any deposits on its platform. It explained that it cannot assure that these will be safely received by Bittrex. “If you do send a deposit, your funds may be permanently lost as a result of the attempted transfer,” the firm said.

Bankruptcy Filing

Meanwhile, the U.S. division of Bittrex Global filed for Chapter 11 bankruptcy protection in May. this happened after the Securities and Exchange Commission (SEC) accused it of operating without proper registration. In August, it settled the case with the agency by paying $24 million in penalties and interest, The Block reported.

Photo by: Bittrex Global Website