Crypto Exchange Bittrex’s U.S. Shutdown Has Been Approved

It has been just revealed that the crypto exchange Bittrex’s US shutdown has been approved. Check out the latest reports about the matter below.

A U.S. court has given approval to cryptocurrency exchange Bittrex’s revised bankruptcy plan to shut down its operations.

The court filing revealed that on Monday, Judge Brendan Shannon approved the company’s plan to repay remaining creditors through liquidation.

The filing also stated that the court had resolved the SEC’s informal comments and would enter a revised proposed order.

In May, Bittrex filed for Chapter 11 bankruptcy after being charged by the Securities and Exchange Commission for operating an unregistered exchange. In August, the company settled with the SEC for $24 million.

Although Bittrex has ceased operations in the United States, Bittrex Global is still active in other regions.

In August, CEO Oliver Linch reassured those who were becoming increasingly hesitant about having any ties to the US because of regulatory uncertainty in the area that Bittrex Global is open for business if they want to deal with a non-US regulated digital assets exchange.

According to data from The Block, Bittrex was once one of the largest exchanges in the US, with nearly 23% of USD support at the beginning of 2018. However, it later fell to below 1% in 2021 and has yet to recover.

In a recent interview with Kitco News, Oliver Finch, the CEO of Bittrex Global, expressed skepticism about the validity of central bank digital currencies (CBDCs).

Finch believes that CBDCs are a solution that is seeking a problem to solve. He also points out that CBDCs are fundamentally different from Bitcoin (BTC) and other cryptocurrencies due to their centralized nature.

The core of cryptocurrency and digital assets is a distributed ledger, also known as blockchain technology. Check out our previous article in order to learn more details.