“Cryptocurrency Exchange Bittrex Files for Bankruptcy Following SEC Complaint: What Happens to American Clients’ Crypto Assets?”

Cryptocurrency exchange Bittrex Inc has filed for bankruptcy. The decision was made three weeks after the US authorities accused the site of unregistered activities as an exchange, brokerage and clearing agency.

Bittrex announced that it ceased operations in the US at the end of April, but this will not affect the operation of Bittrex Global, which serves customers outside the US. Reuters. The company notes that the crypto assets of American clients who did not withdraw them by the end of April are still held on the site. Bittrex assures that they are “safe and sound”. The site will ask the bankruptcy court for limited opening of accounts so that the cryptocurrency is transferred to customers.

Bittrex is in 62nd place in the ranking of the best crypto exchanges CoinMarketCap. In mid-April, the US Securities and Exchange Commission filed charges against the company and its former CEO, William Shikhara. The authorities believe that the exchange sold crypto assets as securities. Bittrex denies the allegations.

Leonid Uvarchev