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Cryptocurrency exchange Bittrex Global, known for serving an international clientele, has announced that it will cease all trading activities by December 4. The move follows the bankruptcy of its American counterpart, which was fined by the Securities and Exchange Commission (SEC) for violating securities laws.
Customers have been advised not to make any further deposits as there is a risk of permanent loss. The exchange clarified that funds can only be withdrawn in euros or other cryptocurrencies, excluding withdrawals in dollars. Once a significant player in the cryptocurrency market with a 23% share in 2018, Bittrex Global’s decline has been attributed to the prolonged bear market in cryptocurrencies and increased regulatory pressure on companies facing legal action in within the industry.
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