Bittrex Global to wind down operations, urges customers to withdraw funds

by RT Watson

Exchanges • November 20, 2023, 4:28PM EST

Published 1 minute earlier on

UPDATED: November 21, 2023, 8:58AM EST

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Quick Take

Bittrex Global is closing down a couple years after its U.S. market share collapsed.
Trading activity will cease on Dec. 4, as customers are told to withdraw funds.

Following its U.S. arm filing for bankruptcy protection earlier this year, Bittrex Global announced it is closing down and said customers should withdraw their funds as soon as possible.

"It is with great regret that we announce that Bittrex Global has decided to wind down its operations. This decision was not made lightly, and we understand the inconvenience it may have on our valued customers," the company said in a statement. "All users are strongly encouraged to log into their account and withdraw assets as soon as possible."

The closure comes a few months after Bittrex Global CEO Oliver Linch assured customers "if they want to do business with a non-U.S. regulated digital assets exchange, Bittrex Global is here for you." The exchange was once one of the largest exchanges in the U.S before its market share crumbled to below 1% in 2021.

Bankruptcy protection

Bittrex's U.S. unit had to file for Chapter 11 bankruptcy protection in May after the Securities and Exchange Commission charged it with running an unregistered exchange.

The exchange said in its statement that all trading activity on the platform will cease Dec. 4.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.