{"id":490653,"date":"2023-05-09T07:49:02","date_gmt":"2023-05-09T05:49:02","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=490653"},"modified":"2023-05-09T07:53:37","modified_gmt":"2023-05-09T05:53:37","slug":"bittrex-declares-bankruptcy-in-the-us","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/490653-bittrex-declares-bankruptcy-in-the-us.html","title":{"rendered":"Bittrex declares bankruptcy in the US"},"content":{"rendered":"

Bittrex Inc. and several affiliates went bankrupt on Monday after its US operations were\u00a0shut down<\/a><\/strong>\u00a0at the end of April in response to a regulatory crackdown.<\/p>\n

The bankruptcy, which the company said doesn\u2019t impact its non-US operations, comes less than a month after the US Securities and Exchange Commission accused the crypto platform of having flouted securities rules for years.<\/p>\n

Bittrex Global will continue operating as normal for customers outside the US, the company said in a statement. For users who didn\u2019t withdraw their assets before the shutdown, Bittrex intends \u201cto ask the court to activate those accounts as soon as possible so that customers meeting the necessary regulatory requirements will be able to withdraw them.\u201d<\/p>\n

Bittrex listed assets and liabilities of as much as $1 billion each in its Chapter 11 petition. Related entities Desolation Holdings LLC, Bittrex Malta Holdings Ltd. and Bittrex Malta Ltd. also entered bankruptcy, court papers show.<\/p>\n

The SEC sued Bittrex in federal court last month, alleging it broke the regulator\u2019s rules from 2017 through 2022 while bringing in at least $1.3 billion in revenue. The SEC said Bittrex at times acted as a brokerage, exchange, and clearing agency, but didn\u2019t register with the SEC.<\/p>\n

Bittrex disputed the allegations in a statement at the time.<\/p>\n

That was just the latest regulatory hurdle for Bittrex. The company listed the US Treasury\u2019s Office of Foreign Assets Control as its biggest unsecured creditor, to which it owes $24 million from an earlier settlement for failing to prevent customers in Iran, Cuba and other sanctioned nations from using its platform.<\/p>\n

The bankruptcy is Desolation Holdings LLC,\u00a023-10597<\/a><\/strong>, US Bankruptcy Court for the District of Delaware.<\/p>\n

\n

Now read: South African taxman seizes Bitcoin mining equipment worth R10 million<\/a><\/strong><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bittrex’s US operations went bankrupt on Monday after shutting down\u00a0at the end of April in response to a regulatory crackdown.<\/p>\n","protected":false},"author":341034,"featured_media":488193,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[45186],"class_list":["post-490653","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bittrex"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/490653"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=490653"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/490653\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/488193"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=490653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=490653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=490653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}