Daily Management Review

Cryptocurrency exchange Bittrex files for bankruptcy


Cryptocurrency exchange Bittrex Inc. filed for bankruptcy. The decision was made three weeks after U.S. authorities charged the website with operating as an exchange, brokerage, and clearing agency without a license.

Marco Verch
Marco Verch
According to Bittrex, which was serving consumers outside of the U.S. until the end of April, this decision will not have an impact on Bittrex Global.

The business says that the site continues to hold the crypto assets of American consumers who have not withdrawn them by the end of April. According to Bittrex, they are "safe and sound." In order to transfer the assets to users, the site will seek the bankruptcy court for a restricted establishment of accounts.

Bittrex comes in at number 62 in CoinMarketCap's ranking of the top cryptocurrency exchanges. The company and its former CEO, Bill Shihara, were both the targets of accusations brought by the US Securities and Exchange Commission in the middle of April. The authorities suspect the site of selling cryptoassets as securities. Bittrex disputes the accusations.

source: reuters.com