The price of the world’s largest cryptocurrency, bitcoin #BTC , surged to over $43,000 on the embattled crypto exchange Bittrex’s platform this week, amid news that it was shutting down all trading on its platform.
Crypto exchange Bittrex Global announced plans to shut down this year, driving a price surge on its platform.
This past week, Bittrex Global, headquartered in Liechtenstein, announced its plans to shut down by December 4 after facing regulatory hurdles in the United States.
Following the news that it was ceasing trades by December 4 earlier this week,$BTC bitcoin’s price soared to $43,360 on the exchange.
The U.S. arm of Bittrex shut down in March, thanks to a U.S. Securities and Exchange Commission lawsuit and statements that it was insufficiently “economically viable.” Although the company and the SEC reached a $29 million settlement, that did not stop it from closing business in the U.S.
"Regulatory requirements are often unclear and enforced without appropriate discussion or input, resulting in an uneven competitive landscape," Bittrex co-founder and CEO Richie Lai said earlier this year.
“We built technology that was ahead of everyone at the time. Full-service API. Near instant atomic transactions. Wallet infrastructure, handling more wallets than anyone. Offline cold wallet solutions. We’ve never lost funds or been hacked. It was technology, simple and elegant,” Lai said about the end of the company.
After December 4, Bittrex "customers will only be able to withdraw assets as part of the winding down process. All our customers are strongly encouraged to log into their account and withdraw assets as soon as possible," the company said in a statement.
The company's 24-hour trading volume has moved to less than $6 million following news of the upcoming shutdown.
