Crypto exchange Bittrex has been given the green light by a court to proceed with its revised bankruptcy plan to close its U.S. operations.
During a hearing in Delaware, Judge Brendan Shannon approved the company’s plan to repay the remaining creditors.
The court filing noted that the judge’s ruling included a resolution of informal comments from the SEC, bringing the process closer to completion.
In May, Bittrex sought Chapter 11 bankruptcy protection when the Securities and Exchange Commission (SEC) accused them of operating an unregistered exchange. Later, in August, the company settled with the SEC, agreeing to pay $24 million.
While Bittrex has closed its U.S. operations, Bittrex Global is still operating in other parts of the world. In August, the CEO of Bittrex Global, Oliver Linch, reassured people who were concerned about the uncertain regulations in the U.S. that they could still do business with a digital assets exchange that wasn’t regulated in the U.S. Bittrex used to be one of the biggest exchanges in the U.S., with nearly 23% of the market at the beginning of 2018. However, its market share dropped to less than 1% in 2021, and it hasn’t made a significant recovery since.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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