Post By: CryptosHeadlines.com

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.
#Blockchain #CryptoMarket #Bitcoin #CryptoNews #Bittrex

OKX, a prominent cryptocurrency exchange, has declared that it will no longer offer its services to Canadian users or accept new account requests from the country. In a recent email, OKX urged its Canadian customers to close any open positions in options, perpetual, all margined positions, and future before the deadline of June 22, 2023, at 12:00 AM EST. The exchange also requested that users withdraw any fiat currency or tokens in their accounts before the said date.

Despite the withdrawal, #OKX has assured its #Canadian users that their funds will be safe until they withdraw them. Customers can choose to withdraw tokens to their self-custody wallets or other crypto accounts on different trading platforms, and dollars to their linked bank accounts.

OKX cited "new regulations" as the reason for its temporary exit from the Canadian market, but the exchange expressed hope to return soon. In the email to customers, the OKX official said, "We hope to see you again. Stay tuned."

On February 22nd, the Canadian Securities Administrators (CSA) released a notice that asked all crypto exchange platforms to comply with legally binding undertakings while awaiting registration with the agency. The CSA mandates that all cryptocurrency exchanges register with them before entering the Canadian market. Failure to comply with regulations has resulted in fines for various cryptocurrency exchanges, such as Bybit and KuCoin, which were found guilty of onboarding Canadians without following the country's regulations.

The new regulations will cover several requirements, such as "buying or depositing Value Referenced Crypto Assets (commonly referred to as stablecoins) through crypto contracts without the prior written consent of the CSA." The CSA emphasized that the reforms are driven by investor protection and level-playing-field concerns.

#Bittrex Global, another cryptocurrency exchange, previously withdrew from the Canadian market on July 29, 2022, after providing advance notice of the same regulatory developments. #crypto asset trading platforms are also expected to update their pre-registration undertaking based on the CSA pre-registration undertaking template and implement the systems in the agreement.

In summary, OKX's departure from the Canadian market is a result of regulatory changes that crypto exchanges must comply with before entering the Canadian market.

The US-based crypto exchange, Bittrex, has announced that it is shutting down. Specifically, the company stated that it is set to wind down its operations, with all trading activity on Bittrex Global to be disabled as of December 4th, 2023. The undoubtedly difficult decision was shared with a timeline for the exchange’s final months.The statement released by the crypto exchange encouraged all users of the platform to log in and withdraw their assets. Specifically, the company recommended that this process happen as soon as possible. Still, they note that the ability to withdraw assets will remain after the December 4th trading deadline.Bittrex Crypto Exchange Releases Timeline for Shutting DownFor the Seattle-based Bittrex exchange, 2023 served as a year of decline and hardship. In April, the crypto exchange was charged by the US Securities and Exchange Commission (SEC). The charges were issued for the violation of federal laws. Thereafter, the company filed for Chapter 11 bankruptcy in May.Now, that downfall has culminated in a process of collapse. Indeed, Bittrex has announced that it is shutting down. Specifically, the company unveiled a timeline of events for its eventual closure in a post to X, formerly Twitter.Within that announcement, Bittrex stated that trading activity would be halted on December 4, 2023. Moreover, the exchange noted that, after that deadline, consumers “will only be able to withdraw assets as part of the winding down process.”Then, the company urged its users to withdraw assets as soon as possible amid the winding-down efforts. Still, they assured their users that “all funds and tokens remain safe and secure on the Bittrex Globa Platform and are available for withdrawal” as closure methods commence.#CryptoExchangeUpdate #Bittrex