Bittrex’s Bankruptcy Filing Approved By US Courts

  • 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.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Comments

Post a Comment

Popular posts from this blog

Gala Music Takes Over Grammys Weekend To Discover Tomorrow’s Biggest Artists

Image
Disclaimer: The Industry Talk section Features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com. Los Angeles, California, 8th February, 2023, Chainwire Right before one of the biggest nights for recording artists, Gala Music, a global leader in Web3 music, ran an Open Mic event to find and celebrate undiscovered talent by holding auditions to win a career-making contract with the company. Up-and-coming musicians lined the street outside The Wayfarer LA for a chance to launch their careers with Gala Music. Over 50 artists had the opportunity to perform in front of a live audience at the event which also attracted the attention of music industry experts, including Leila Steinberg, artist mentor and first manager for superstar rapper Tupac Shakur.  Given the ethos of Web3 music, the top five performances shortlisted will be streamed and put to a community vote on Gala Music’s weekly Web3 music show “Top of the Drops”  Th
Read more

Both LUNC And USTC Defy Expectations In Remarkable Comeback

Image
Both LUNC and USTC have shown signs of recovery after their prices plummeted on December 5. LUNC and USTC saw their prices rise over the past day despite the global cryptocurrency market cap dropping by 3%. The ongoing LUNC burns and the new proposal concerning USTC minting could be behind the tokens’ recovery. Since December 5, both Terra Classic (LUNC) and TerraClassicUSD (USTC) experienced significant price declines. As a result, many in the industry were left wondering if the end has come for the Terra Classic cryptocurrency duo. However, heading into the new week, both cryptocurrencies were able to make a comeback. At press time, USTC was trading hands at $0.04247 after its price was able to rise by 1.36% throughout the past 24 hours. The token’s 24-hour trading volume also ended up surging by more than 280%, which left it settling at around $264,444,330. With regards to LUNC’s performance, CoinMarketCap indicated that the altcoin saw its price dip b
Read more