Liechtenstein-based Bittrex Global announced today that it will close its operations, halting all trading on its exchange by December 4.
Resolution follows A series of regulatory challenges have hampered the cryptocurrency exchange, including the closure of its US operations earlier this year. In March, Bittrex closed its US exchange because it was not “economically viable” to continue doing business following a lawsuit and $29 million settlement with the Securities and Exchange Commission over alleged securities law violations.
“We regret to announce that Bittrex Global has decided to close its operations,” the company tweeted today. After December 4, “clients will only be able to withdraw assets as part of the closing process. We strongly encourage all our clients to log into their accounts and withdraw assets as soon as possible,” their statement said.
Last March, Richie Lai, co-founder and CEO of Bittrex, raised concerns about the current regulatory environment related to cryptocurrencies. “Regulatory requirements are often unclear and applied without proper discussion or input, resulting in an uneven competitive landscape,” he said in a statement at the time.
The closure of its US operations proved prophetic for Bittrex, as… exchange The world is following the same path today. Bittrex is among the top 100 cryptocurrency exchanges in the world, according to CoinGecko, with a modest trading volume of just under $6 million per day. By comparison, Coinbase saw $1.8 billion in volume in the past day, and Binance, the largest exchange by volume, had just over $7 billion, according to CoinGecko.
As part of the closure, Bittrex Global has discontinued its referral program and discontinued all promotions. The company promised to support its customers during the closure process, and to make its team available to assist Users with questions or concerns.