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Bittrex, one of the leading platforms in the cryptocurrency world, has received court approval for a revised bankruptcy plan to terminate its operations in the United States.
During a hearing in Delaware, Judge Brendan Shannon indicated that the company had received approval to repay its remaining creditors as part of the liquidation plan. This development emerged as part of the legal process following the Securities and Exchange Commission’s (SEC) allegations of operating an unregistered exchange.
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In May, Bittrex filed for Chapter 11 bankruptcy protection, influenced by the SEC’s accusations of operating an unregistered exchange. In August, the company settled with the SEC for $24 million, concluding the legal process. With the court approval, the company’s repayment plan will be implemented, initiating the liquidation process.
Although Bittrex has ceased its operations in the U.S., it continues to operate actively on a global scale. Oliver Linch, CEO of Bittrex Global, stated that Bittrex Global is still active for those seeking a regulated digital asset exchange outside the U.S., considering regulatory uncertainties.
According to data, Bittrex was once one of the largest exchanges in the U.S., holding around a 23% market share in USD support in early 2018. However, with legal processes and market changes, this share dropped to below 1% in 2021, and the company has not been able to recover since then.
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