Bittrex US Receives Approval For Revised Bankruptcy Plan
Bittrex, a popular cryptocurrency exchange, has received approval for a modified insolvency strategy to wind down its operations in the United States. According to a legal submission, Judge Brendan Shannon approved the liquidation plan presented by the company for repaying its outstanding creditors during a hearing in Delaware on October 30th, 2023.
Settlement reached but work to be done In the aforementioned submission, the Court announced its decision to enter a revised Proposed Order, which resolves the informal remarks put forth by the United States Securities and Exchange Commission (SEC).
Bittrex filed for Chapter 11 bankruptcy protection in May after the SEC accused it of operating an unregistered exchange. In August, the firm reached a $24 million settlement with the SEC. It is worth pointing out that while Bittrex has ceased operations in the United States, Bittrex Global continues to operate in other regions.
Looking toward the future Back in August, Bittrex Global CEO Oliver Linch reassured those who were growing wary of any association with the United States due to regulatory uncertainties in the country. He went on to say that if the SEC or any other regulator wishes to engage with an unregulated non-U.S. digital assets exchange, Bittrex Global is available.
Bittrex was once one of the most prominent exchanges in the United States, with a market share of nearly 23% at the start of 2018. However, it fell to less than 1% in 2021 and has not recovered since. Understandably then, the exchange had little choice but to apply for Chapter 11 bankruptcy, which was approved as previously mentioned.
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