Crypto exchange Bittrex has been given court approval for its revised bankruptcy plan and is allowed to continue winding down its operations in the United States.
Bittrex Receives Court Approval in Bankruptcy Case
The decision was approved by Judge Brendan Shannon during a hearing in Delaware. The approved plan outlines the process for repaying remaining creditors.
“As noted in the hearing record, the Court determined that it would enter a revised Motion Order resolving the SEC's informal comments,” according to the court filing.
This development comes on the heels of Bittrex filing for Chapter 11 bankruptcy protection in May after the Securities and Exchange Commission (SEC) accused it of operating an unregistered exchange. In August, the company reached a $24 million settlement with the SEC.
Despite the cessation of operations in the United States, Bittrex Global, a separate entity, continues to operate in other regions.
“If they want to do business with a regulated digital asset exchange outside the US, Bittrex Global is here for you,” Bittrex Global CEO Oliver Linch said, reassuring those concerned about potential regulatory issues in the US.
At one point, Bittrex had a significant position in US exchanges, owning approximately 23% of USD support at the beginning of 2018. However, its market share fell below 1% in 2021 and has struggled to recover since then.
*This is not investment advice.
