Bittrex, a leading cryptocurrency exchange, has gained court approval for its revised bankruptcy plan to cease its U.S. operations.
A court filing revealed that Judge Brendan Shannon approved the company’s liquidation scheme designed to repay remaining creditors.
The filing quoted, “As stated on the record at the Hearing, the Court ruled that it would enter a revised Proposed Order, which resolves the SEC’s informal comments.”
Bittrex sought Chapter 11 bankruptcy protection in May after the Securities and Exchange Commission accused it of operating an unregistered exchange. In August, the company reached a settlement with the SEC, costing it $24 million.
Although Bittrex’s U.S. operations have been halted, Bittrex Global continues to operate in other regions. Oliver Linch, Bittrex Global’s CEO, reassured those anxious about U.S. regulatory uncertainty, stating that Bittrex Global was available for business with non-U.S. regulated digital asset exchanges.
At the beginning of 2018, Bittrex was among the largest exchanges in the U.S., supporting nearly 23% of USD. However, its market share dwindled to less than 1% in 2021 and has not rebounded since.
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