Bittrex Inc., a U.S. cryptocurrency exchange that closed on April 30 citing unclear crypto laws, has filed for Chapter 11 bankruptcy. The exchange, which was charged last month by the Securities and Exchange Commission with running an unregistered operation, said the filing does not affect Bittrex Global, its international platform.
See related article: Bittrex cryptocurrency exchange rejects U.S. SEC charges it offered unregistered securities
Fast facts
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Bittrex said it had estimated assets and liabilities of between US$500 million to US$1 billion with over 100,000 creditors, according to the bankruptcy filing in federal court in Delaware.
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The U.S. exchange said in a statement that the decision does not affect Bittrex Global, which will continue to operate for customers outside the U.S.
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Customer funds that were not withdrawn by April 30 remain secure, the exchange said, adding that the bankruptcy court will decide on the procedures for the distribution of remaining funds.
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On April 17, the U.S. Securities and Exchange Commission charged Bittrex and co-founder Bill Shihara for operating an unregistered securities exchange. The exchange rejected the charges.
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The U.S. exchange in February laid off 83 employees, citing the market downturn triggered by multiple crypto failures.
See related article: Bittrex crypto exchange to shutter U.S. operations due to regulatory uncertainty
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