- Judge Brendan Shannon has approved the liquidation of Bittrex exchange.
- The approval would allow Bittrex to carry out plans for winding down its U.S. operations.
- Bittrex’s U.S. arm filed for Chapter 11 bankruptcy protection in May 2023.
Judge Brendan Shannon approved the liquidation of crypto exchange Bittrex at a hearing in Delaware on Monday, October 30, permitting the company to proceed with its bankruptcy plans. The approval would allow Bittrex to carry out plans for winding down its U.S. operations.
According to the reports, the Securities and Exchange Commission (SEC) accused Bittrex’s American subsidiary of operating an unregistered exchange, and the company filed for Chapter 11 bankruptcy protection in May. Following the development, the company settled with the SEC for $24 million in August.
Details of the report showed that Bittrex filed for the Order on October 26, 2023. The crypto exchange subsequently revised the filing on October 27, 2023, and on October 30, 2023, the Court held a hearing to consider, among other things, the entry of the Proposed Order.
The court ruling implies that Bittrex would enter a revised Proposed Order, resolving the SEC’s informal comments. Also, the ruling only applies to Bittrex’s operations in the U.S.; its global operations would continue elsewhere.
Last August, Bittrex Global CEO Oliver Linch told users that the company’s global services would remain available, especially for those wary of having any connections with the U.S., given the region’s regulatory uncertainty.
Bittrex was one of the several exchanges and digital assets listed by the SEC in May for not meeting regulatory standards. According to reports, the crypto exchange’s global services offer over 250 cryptocurrencies on its platform for users to buy, sell, or trade.
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