Bittrex cryptocurrency exchange files for bankruptcy
Bittrex, a cryptocurrency exchange once one of the largest exchanges in the US, has filed for bankruptcy protection in the US
Bittrex, one of the largest cryptocurrency exchanges in the United States, has filed for Chapter 11 bankruptcy protection in Delaware. The Securities and Exchange Commission (SEC) has charged Bittrex with running an unregistered exchange, broker, and clearing agency.
Court filings show that Bittrex has more than 100,000 creditors and assets and liabilities estimated to be worth between $500 million and $1 billion.
Bittrex has said it will leave the US, blaming the country’s regulatory environment. However, the company has said that its global operations, Bittrex Global, are unaffected by the filing and will continue to operate normally for its customers outside the US Despite this, Bittrex’s bankruptcy filing serves as a warning for crypto exchanges in the US that they must comply with all regulatory requirements or face serious consequences.
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