Bittrex US files for Chapter 11 bankruptcy protection
Bittrex US has become the latest entrant to a league that does not necessarily reflect a good position. Per the reports, the crypto exchange platform has filed for Chapter 11 Bankruptcy Protection as the latest step in the process of ceasing its operations in the US. The development comes days after Bittrex US informed its users to withdraw funds.
The news was announced by Bittrex US, reassuring the customers that the change does not affect Bittrex Global. It is only restricted to Bittrex US. The venture has committed to extending every type of support to its customers amid Chapter 11 filing in Delaware.
Bittrex US was previously sued by the SEC for failing to register with relevant authorities. Also, the lawsuit classified three tokens in specific as unregistered securities. These were ALGO, OMG, and DASH.
There are almost 100,000 creditors with no information about who is the biggest creditor on the list. Assets and liabilities of Bittrex US are said to fall in the range of $500 million and $1 billion. Moving forward, Omni Agent Solutions have been hired to provide updates to the community via website and email. There is no tentative timeline for how long the Chapter 11 case will last for the company.
Keeping things afloat for Bittrex are the developments like opening trade activities for $ECS markets and the MiCA framework rolled out by the European Union to support cryptocurrency.
Founded in 2014, Bittrex has over 300 cryptocurrencies listed on the platform, along with 400+ trading pairs. The operations of Bittrex are spread across the globe with a major focus on digital platforms – website and mobile application.
Anyone can get started with Bittrex; all they have to do is select the type of account they want to create and proceed as per the instructions. Bittrex gives two options – Personal Account and Corporate Account. Personal Accounts at Bittrex are suitable for individuals, while a Corporate Account is fitter for customers who are creating an account on behalf of their businesses.
Once registered, Bittrex enables users to track their progress in terms of profile creation and ID verification. Bittrex may seek customers to provide some additional information, following which they become eligible to buy cryptocurrency. Our Bittrex Exchange review sheds light on the registration process while stating a set of features that sets it apart from other players in the market.
As Bittrex US makes progress in Chapter 11 filing, customers can turn to the customer support service for any query they may have. The last date to withdraw funds, according to the previous announcement, was by the end of April 2023. The same service can be accessed by raising a ticket with the customer support team of Bittrex US. The operations of Bittrex Global will work as usual.