Bittrex Global to Wind Down Most Exchange Operations and Trading Activities

Liechtenstein-based cryptocurrency exchange Bittrex Global has declared its decision to wind down operations, initiating the suspension of trading activities on December 4.

In a November 20 update on its website, Bittrex Global informed users that as of December 4, at 6:00 p.m. UTC, Bittrex Global will disable all trading activities on its platform and conclude client relationships.

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. After that date, customers will only be able to withdraw assets as part of the…

— Bittrex Global (@BittrexGlobal) November 20, 2023

In its announcement, Bittrex Global said:

“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 for our valued customers. Effective Monday, December 4, 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the winding down process.”

Before this date, users will only have the option to withdraw their assets. The company emphasized that U.S. dollar holdings cannot be withdrawn, urging users to convert their balances to euros (EUR) or cryptocurrencies before the stipulated deadline.

Bittrex Global Announces Complete Shutdown and Urges Users to Withdraw Funds Promptly

Expressing regret over its decision, Bittrex Global acknowledged the potential inconvenience for its valued customers and urged all users to log into their accounts promptly to initiate asset withdrawals.

In addition to halting trading, the company disclosed the cessation of various operations and features, including the Global Referral Program and promotion programs. Users were explicitly cautioned against making further deposits, with a stark warning that any such deposits might be permanently lost.

“Do not make any deposits to our platform. We cannot guarantee that they will be received safely. If you do send a deposit, your funds may be permanently lost as a result of the attempted transfer.”

CEO’s Pledge Amid Market Decline Precedes Global Shutdown

This move follows Bittrex Global CEO Oliver Linch’s previous assurance to customers of the exchange’s commitment to those seeking to transact with a non-U.S.-regulated digital asset exchange. The company, once among the largest exchanges in the U.S., has witnessed a decline in its market share to below 1% in 2021.

The decision to wind down operations globally comes after Bittrex’s earlier decision to cease American operations in April, citing regulatory challenges. In May, the company filed for bankruptcy in the U.S., pledging to continue its global exchange operations. However, recent undisclosed challenges led to the broader decision to halt operations.

Last month, a U.S. court approved the Chapter 11 plan of Seattle-based cryptocurrency exchange Bittrex to cease its operations. One factor influencing this decision may be the significant reduction in trading volumes on its platform, with current data indicating a daily trading volume of $5.1 million, substantially lower than the $141 million observed approximately two years ago on November 30, 2021.

Additionally, the company’s U.S. wind-down received approval in bankruptcy courts at the end of October, potentially prompting Bittrex to address its global operations in the subsequent weeks.