Crypto Exchange Bittrex files for US insolvency protection

Am 8. Mai beantragte Bittrex Inc. Insolvenzschutz nach Kapitel 11 für seine in den USA ansässigen Betriebe. Der Schritt erfolgt drei Wochen, nachdem die Securities and Exchange Commission (SEC) sie beschuldigt hatte, eine nicht registrierte Wertpapierbörse zu betreiben. Laut der Akte hatte Bittrex Vermögenswerte und Verbindlichkeiten, deren Wert jeweils zwischen 500 Millionen und 1 Milliarde US-Dollar geschätzt wurde. Es gab auch an, dass es über 100.000 Gläubiger gab. Das Unternehmen gab an, dass es Berichten zufolge immer noch Krypto-Vermögenswerte von US-Kunden hält, die vor dem 30. April keine Gelder abgehoben haben. Die Gelder seien „sicher und geschützt“, hieß es und …
On May 8, Bittrex Inc. applied for insolvency protection in accordance with Chapter 11 for its companies based in the USA. The step takes place three weeks after the Securities and Exchange Commission (Sec) had accused them of operating a non -registered securities exchange. According to the file, Bittrex had assets and liabilities, the value of which was estimated between $ 500 million and $ 1 billion. It also indicated that there were over 100,000 creditors. The company stated that it is still reported that it still holds crypto assets from US customers who did not withdraw any funds before April 30th. The funds are "safe and protected", it said and ...
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On May 8, Bittrex Inc. applied for insolvency protection in accordance with Chapter 11 for its companies based in the USA. The step takes place three weeks after the Securities and Exchange Commission (SEC) had accused them of operating a non -registered securities exchange.

According to the file, Bittrex had assets and liabilities, the value of which was estimated between $ 500 million and $ 1 billion. It also indicated that there were over 100,000 creditors.

The company said that it is still reported to hold crypto assets from US customers who did not withdraw any funds before April 30th.

The funds are "safe and protected", it said, adding, one intended to ask the court to reopen customer accounts so that they can withdraw.

Bittrex Global not affected

The company also stated that its offshore company Bittrex, based in Liechtenstein, was not globally affected by the bankruptcy registration. Two other companies, Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd., but also applied for insolvency protection in the USA

A Bittrex spokesman made it clear:

"This announcement has no effect on Bittrex Global, which will continue its company for its customers outside the United States as usual, to ensure that our customers get well."

The SEC was against Bittrex on April 17 and claimed that the company and its managers would not promote and sell registered securities. Bittrex rejected the allegations and claimed that the assets offered were not securities.

The US Congress has to officially classify crypto assets as securities, so this is another case in which the SEC takes the law into hand with extrajudicial enforcement measures.

US operations already closed

At the end of March, Bittrex announced the closure of his US exchange in the middle of the tightening war against crypto by federal regulatory authorities. In October, Bittrex was borne by laws to combat money laundering (AML) with a fine of $ 53 million.

Bittrex was founded in 2014 and was once one of the largest crypto exchanges in the United States. According to Coingecko, it currently has a daily volume of around $ 7 million and offers 799 trading pairs.

The cryptoma markets have continued their withdrawal today with a decline of 1.8 %, which dropped the total capitalization to $ 1.18 trillion.

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Krypto News Österreich
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Am 8. Mai beantragte Bittrex Inc. Insolvenzschutz nach Kapitel 11 für seine in den USA ansässigen Betriebe. Der Schritt erfolgt drei Wochen, nachdem die Securities and Exchange Commission (SEC) sie beschuldigt hatte, eine nicht registrierte Wertpapierbörse zu betreiben. Laut der Akte hatte Bittrex Vermögenswerte und Verbindlichkeiten, deren Wert jeweils zwischen 500 Millionen und 1 Milliarde US-Dollar geschätzt wurde. Es gab auch an, dass es über 100.000 Gläubiger gab. Das Unternehmen gab an, dass es Berichten zufolge immer noch Krypto-Vermögenswerte von US-Kunden hält, die vor dem 30. April keine Gelder abgehoben haben. Die Gelder seien „sicher und geschützt“, hieß es und …
On May 8, Bittrex Inc. applied for insolvency protection in accordance with Chapter 11 for its companies based in the USA. The step takes place three weeks after the Securities and Exchange Commission (Sec) had accused them of operating a non -registered securities exchange. According to the file, Bittrex had assets and liabilities, the value of which was estimated between $ 500 million and $ 1 billion. It also indicated that there were over 100,000 creditors. The company stated that it is still reported that it still holds crypto assets from US customers who did not withdraw any funds before April 30th. The funds are "safe and protected", it said and ...

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