Bittrex secures court approval for Chapter 11 bankruptcy plan
Investing.com | Editor Ambhini Aishwarya
Published Oct 31, 2023 01:09AM ET
Bittrex, a cryptocurrency exchange, has obtained court approval for its revised bankruptcy plan under Chapter 11, enabling it to wind down its U.S. operations and settle debts with creditors. The approval was granted by Judge Brendan Shannon, following a charge from the Securities and Exchange Commission (SEC) for operating an unregistered exchange. The issue was resolved through a $24 million settlement in August.
The SEC charge and subsequent settlement led to a significant decrease in Bittrex's market share. According to data from The Block, Bittrex commanded nearly 23% of USD support market share at the start of 2018. However, by 2021, the company's market share had fallen below 1%, with no signs of recovery.
Despite the challenges faced by Bittrex in the U.S., its international operations continue under the banner of Bittrex Global. Led by CEO Oliver Linch, Bittrex Global operates as a non-U.S. regulated digital assets exchange, catering to clients concerned about U.S. regulatory issues.
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