ChainCatcher news, according to Cointelegraph Magazine, cryptocurrency exchanges Coinme and Bittrex are headquartered in Seattle, and some of Binance's servers are also located in the area.In addition, medical marijuana suppliers in the area accept cryptocurrency, and residents do not submit income tax returns. The state's governor has signed a law that expands the state's adoption of blockchain technology.

ChainCatcher message, cryptocurrency exchange Bittrex has decided to cease operations. All trading activities on Bittrex will be disabled starting December 4, 2023. After this date, customers will only be able to withdraw assets during the liquidation process. The platform strongly encourages all customers to log into their accounts and withdraw their assets as soon as possible. All funds and tokens on the Bittrex platform are safe and secure, and can be withdrawn at any time in accordance with applicable laws and the terms of service.

ChainCatcher news, according to a report by Reuters, the bankruptcy liquidation plan of the cryptocurrency exchange Bittrex has been approved by the bankruptcy court, which will close its U.S. operations and allow the company to implement a liquidation plan that will fully pay the remaining creditors.Previous report, Bittrex filed for bankruptcy protection in May, chose to shut down its U.S. operations, and return assets to customers, and reached a $24 million settlement with the SEC in August.

ChainCatcher news, although Bittrex filed for bankruptcy protection in May this year, it may still be profitable as a large number of customers have not requested refunds.Bittrex's lawyer stated in a Delaware court on Wednesday that with the deadline for filing claims having passed, fewer than 36,000 customers have withdrawn approximately $143 million worth of cryptocurrency. In May, after Bittrex's U.S. and Malta subsidiaries filed for bankruptcy, 1.6 million customers received emails requesting them to withdraw their funds, but only a small portion of those actually withdrew.Additionally, the U.S. Secret Service is a major client of the exchange, holding an account with $6.2 million. Bittrex has worked with the agency to assist them in successfully withdrawing their funds.

ChainCatcher news, according to a press release from Bittrex Global, the company will not have to pay any fees to resolve the enforcement action. Bittrex Global's legal advisor Andrew Michaelson stated, "Our client Bittrex Global will put this matter behind them without having to pay any settlement."Bittrex Global CEO Linch added, "While this is good news for Bittrex Global, it is not yet time to celebrate a victory. Instead, with this matter resolved, we can focus on building a vision for the future of cryptocurrency as a regulated, mature, and complex part of the broader financial ecosystem."It is reported that the Seattle-based exchange filed for Chapter 11 bankruptcy protection in May. Court documents show that Bittrex has over 100,000 creditors, with assets and liabilities estimated to be between $500 million and $1 billion.ChainCatcher previously reported that the U.S. Securities and Exchange Commission (SEC) announced that the cryptocurrency exchange Bittrex Inc. and its co-founder and former CEO William Shihara agreed to settle charges of operating an unregistered national securities exchange, broker, and clearing agency, and Bittrex Inc.'s foreign subsidiary Bittrex Global GmbH also agreed to settle charges of failing to register as a national securities exchange.

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) announced that cryptocurrency exchange Bittrex Inc. and its co-founder and former CEO William Shihara have agreed to settle charges of operating an unregistered national securities exchange, broker, and clearing agency. Bittrex Inc.'s foreign subsidiary Bittrex Global GmbH also agreed to settle charges of failing to register as a national securities exchange. As part of the settlement agreement, the defendants neither admit nor deny the SEC's charges. Additionally, Bittrex and Bittrex Global agreed to jointly pay $14.4 million in illicit gains, $4 million in pre-judgment interest, and $5.6 million in civil penalties, for a total of $24 million.Previous report, the SEC stated in a complaint filed on April 17, 2023, in the U.S. District Court for the Western District of Washington, that Bittrex acted as an unregistered broker, exchange, and clearing agency, providing cryptocurrency-related services to U.S. investors.

ChainCatcher news, Paradigm has submitted an amicus brief in the case against the exchange Bittrex at the U.S. Securities and Exchange Commission (SEC), claiming that the regulator has exceeded its statutory authority and arguing that the case should be dismissed because the SEC has "erroneously" attempted to oversee the crypto secondary market, adding that this practice represents an improper extension of the Howey test. (source link)

ChainCatcher news, according to CoinDesk, the bankrupt cryptocurrency exchange Bittrex will begin reopening withdrawals at its U.S. branch Bittrex US on Thursday local time.A ruling by the Delaware bankruptcy court shows that Judge Brendan Shannon authorized Bittrex US and its affiliates "to allow customers with undisputed and certain claims to withdraw cryptocurrency assets and fiat currency from Bittrex US within the scope of their claims." (source link)

ChainCatcher news, according to CoinDesk, the U.S. government opposes the customer fund return plan proposed by the bankrupt cryptocurrency exchange Bittrex, citing reasons including: the Critical Vendor Standard does not support the plan, implementing the plan without payment to vendors would cause vendors to cease providing operations and services to the debtor, leading to the collapse of the debtor's business and making restructuring impossible; the motion is immature regarding the resolution of disputed claims and issues; it inappropriately attempts to exclude creditors from the plan, and it is inappropriate to determine subordination or classification issues at this time. A hearing related to Bittrex is scheduled for June 14, 2023.Previously, after being sued by the SEC, Bittrex sought court permission to allow customers to withdraw their held assets without paying litigation fees and delaying the lawsuit. (source link)

ChainCatcher news, Berenberg stated in a research report on Monday that the U.S. Securities and Exchange Commission (SEC) will soon take enforcement action against Coinbase, which may reflect the regulatory agency's actions against competitor cryptocurrency exchanges Bittrex and Kraken.Berenberg estimates that at least 37% of Coinbase's $736 million net revenue in the first quarter came from trading fees and trading cryptocurrencies other than Bitcoin, as well as fees from its staking services. Analyst Mark Palmer believes these revenue sources are likely to become targets of the SEC in the enforcement action that the commission will soon submit. (Source link)

ChainCatcher news, according to Reuters, a U.S. bankruptcy judge has approved Bittrex's request to borrow 250 BTC (7 million USD) from its parent company Aquila Holdings to facilitate the bankruptcy proceedings. Bittrex will also attempt to secure another loan of 450 BTC by applying at a hearing in June; if the price of Bitcoin remains stable before next month, that loan will be worth 12.4 million USD. (source link)

ChainCatcher news, according to CoinDesk, the cryptocurrency exchange Bittrex filed for bankruptcy in Delaware, USA on Monday. Bittrex Global's operations will not be affected, and Bittrex will continue to serve customers outside the United States. A court document provided by bankruptcy tracking agency Chapter 11 Dockets shows that Bittrex has over 100,000 creditors, with liabilities and assets expected to be between $500 million and $1 billion.In February this year, Bittrex's U.S. subsidiary laid off 80 employees and announced in March that it would cease all operations by the end of April. In mid-April, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Bittrex and its CEO, accusing them of operating a national securities exchange, broker, and clearing agency without registration. (source link)

ChainCatcher news, Bittrex Global CEO Oliver Lynch stated in an interview that the U.S. Securities and Exchange Commission (SEC) accusing the cryptocurrency exchange Bittrex Global GmbH of violating local securities laws is "incorrect." Lynch mentioned that Bittrex Global was unaware it was the subject of an SEC investigation before receiving a notification that the SEC had "reached a preliminary conclusion." He added that the regulatory agency did not give Bittrex Global the opportunity to "explain the facts." Furthermore, Lynch claimed that the company "never claimed to provide services in the U.S." and would "strongly" defend its position that it has no customers in the U.S. Additionally, he stated that Bittrex's closure does not affect Bittrex Global's global operations, "Bittrex is a completely independent legal entity that only provides services in the U.S. and only serves U.S. customers. Global continues to serve customers in other parts of the world as usual."ChainCatcher previously reported that the SEC issued a Wells notice to Bittrex in March this year, accusing Bittrex of operating as an exchange, broker-dealer, and securities exchange without registering with the regulatory agency, violating the law, which will close its U.S. operations on April 30. (Source link)

ChainCatcher news, the U.S. Securities and Exchange Commission (SEC) stated that the cryptocurrency exchange Bittrex operated as a national securities exchange, broker, and clearing agency, violating federal regulations. Former CEO Bill Shihara and Bittrex Global GmbH are also facing charges.Since at least 2014, Bittrex has positioned itself as a platform facilitating the buying and selling of cryptocurrency assets, while the SEC's complaint alleges that these assets were offered and sold as securities. From 2017 to 2022, Bittrex generated at least $1.3 billion in revenue from investors, including U.S. investors, while providing services as a broker, exchange, and clearing agency without registering any of these activities with the Commission.SEC Chair Gary Gensler stated, "Today's action reaffirms that the cryptocurrency market lacks regulatory compliance, not a lack of regulatory clarity." (source link)

ChainCatcher news, Bittrex's General Counsel David Maria stated that in March this year, the U.S. Securities and Exchange Commission (SEC) enforcement officials informed Bittrex that it would recommend the agency sue Bittrex for allegedly violating investor protection laws. The enforcement department notified Bittrex in March about the potential actions the SEC might take.In the Wells Notice issued to Bittrex, the SEC stated that Bittrex operated as an exchange, broker-dealer, and securities trading platform without registering with the regulatory agency, violating the law. Maria indicated that Bittrex was already preparing to gradually reduce its U.S. operations upon receiving the notice.Previous report indicated that Bittrex announced it would shut down its U.S. platform on April 30 after 9 years of operation. Bittrex Global, which operates in regions such as Europe, Canada, and South America, will remain unaffected and continue to facilitate trading.Bittrex co-founder and CEO Ritchie Lai stated in a statement that continuing operations in the current U.S. regulatory and economic environment is not feasible from a financial perspective. Regulatory requirements are often unclear and enforced without proper discussion, leading to an uneven competitive landscape. Therefore, operating in the U.S. has become untenable. All customer funds are safe and can be withdrawn. (Source link)

ChainCatcher news, the cryptocurrency exchange Bittrex announced that after 9 years of operation, the company will shut down its U.S. platform on April 30. Bittrex co-founder and CEO Ritchie Lai stated in a statement that continuing operations in the current U.S. regulatory and economic environment is not feasible from an economic perspective. Regulatory requirements are often unclear and enforced without proper discussion, leading to an uneven competitive landscape. Therefore, operating in the U.S. has become unviable, and all customer funds on Bittrex are safe and can be withdrawn.In addition, Bittrex Global, which operates in regions such as Europe, Canada, and South America, is unaffected and will continue to facilitate trading. (source link)