Crypto exchange Bittrex's U.S. shutdown approved at bankruptcy court

Quick Take

  • The U.S. arm of Bittrex filed for Chapter 11 bankruptcy protection in May.

Crypto exchange Bittrex received court approval for its revised bankruptcy plan to wind down its U.S. operations.

A court filing showed that Judge Brendan Shannon, at a hearing in Delaware on Monday, approved the company’s liquidation plan to repay its remaining creditors.

“As stated on the record at the Hearing, the Court ruled that it would enter a revised Proposed Order, which resolves the SEC’s informal comments,” the filing said.

Bittrex filed for Chapter 11 bankruptcy protection in May after the Securities and Exchange Commission charged it with running an unregistered exchange. The company then settled with the SEC for $24 million in August.

Non-U.S. operation


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While Bittrex has shut down operations in the U.S., Bittrex Global is still active elsewhere. 

In August, Bittrex Global CEO Oliver Linch assured those increasingly wary of having any connection to the U.S., given regulatory uncertainty in the region, that "if they want to do business with a non-U.S. regulated digital assets exchange, Bittrex Global is here for you." 

Bittrex was once one of the largest exchanges in the U.S., with a market share of USD support of nearly 23% at the start of 2018, data from The Block show. However, it later collapsed to below 1% in 2021 and hasn't recovered since.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia reporter for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.


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