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.
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Bittrex Customers Allowed to Withdraw Crypto After Court Ruling

Bittrex customers will now be able to withdraw their crypto assets after a court order granted the platform the authority to do so. The order, which was signed by US District Judge Brendan Shannon on Tuesday, authorizes Bittrex to honor withdrawals of crypto assets and fiat currency from the platform.

The decision comes after the Justice Department last week opposed Bittrex's request to permit customers to withdraw their crypto and fiat currencies. The Justice Department argued that the motion was premature and improperly sought to prioritize creditors not included in a formal plan.

However, Judge Shannon ruled that Bittrex's customers are "unsecured creditors" and that they are therefore entitled to withdraw their assets. The judge also noted that Bittrex has "sufficient assets" to cover the withdrawals.

The decision is a major victory for Bittrex customers, who have been unable to access their assets since the platform filed for bankruptcy in May. The bankruptcy filing came after the Securities and Exchange Commission (SEC) accused Bittrex of operating an unregistered securities exchange.

The SEC alleged that Bittrex listed six tokens that are classified as securities, including Algorand's ALGO and Dash. Bittrex has denied the allegations.

The court order does not impact the SEC's case against Bittrex. However, it does allow Bittrex customers to regain control of their assets.

What does this mean for Bittrex customers?

Bittrex customers who have undisputed, non-contingent, and liquidated claims will be able to withdraw their crypto assets and fiat currency from the platform. The amount that can be withdrawn will be the amount of the claim.

Customers who do not have undisputed, non-contingent, and liquidated claims will not be able to withdraw their assets immediately. However, they may be able to do so at a later date, depending on the outcome of the bankruptcy case.

What does this mean for the future of Bittrex?

The court order is a positive development for Bittrex. It allows the company to continue to operate and to provide services to its customers.

However, the bankruptcy case is still ongoing and it is not clear what the ultimate outcome will be. If Bittrex is unable to resolve the SEC's allegations, it could be forced to shut down.

What does this mean for the crypto industry?

The court order is a positive development for the crypto industry. It shows that the courts are willing to protect the rights of crypto investors.

However, the SEC's case against Bittrex is a reminder that the crypto industry is still under regulatory scrutiny. It is important for crypto companies to comply with all applicable laws and regulations.

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Welcome to the latest edition of MelegaSwap's weekly cryptocurrency news roundup. In our usual roundup, we bring you up to speed on the latest happenings in the dynamic and ever-changing world of digital currencies. This week, which spans from April 16th to 22nd, 2023, has been an exhilarating time for cryptocurrency enthusiasts, as the long-standing and enigmatic crypto regulator has faced a contentious session from United States lawmakers.

However, Bitcoin (BTC) experienced a significant drop below the $30,000 mark, while ether (ETH) similarly plummeted below its $2,000 threshold, which had only been achieved late last week. These drops can be attributed to a range of regulatory uncertainties and other fundamental factors. 

This week's updates include the launch of a new Euro-pegged stablecoin, the comprehensive crypto legislation adopted by the European Parliament, the forthcoming release of Nike's sneakers with non-fungible tokens (NFT), and the possibility of Gary Gensler, the Chair of the American SEC and a skeptic of cryptocurrency, being removed from his position.

As we continue to stay ahead of the curve, we are delighted to bring you all the latest developments every step of the way. Without further ado, let's dive in!

TOP STORIES THIS WEEK (APRIL 16-22 2023)

●      Societe Generale-Forge Joins the Stablecoin Race with Euro-Backed Digital Asset

●      EU Sets Standard Crypto Regulations with MiCA

●      Nike launches virtual sneaker collection "Our Force 1" as NFTs on .Swoosh platform.

●      Tribe Capital is reportedly considering reviving FTX

●      Bittrex and its former CEO charged by SEC for unregistered operations

●      Silvergate Bank in trouble as it faces class-action suit and multiple lawsuits

#EURO Societe Generale-Forge Joins the Stablecoin Race with Euro-Backed Digital Asset

Societe Generale-Forge (SG-Forge), a subsidiary of French bank Societe Generale, has launched EUR CoinVertible, a new euro-pegged stablecoin for institutional clients. The Ethereum blockchain-based stablecoin, with the ticker symbol EURCV, will only be available to Societe Generale's investors who have undergone Know Your Customer and Anti-Money Laundering procedures.  

However, the coin's centralized nature and "worst code" assessment has drawn criticism from researchers who analyzed its smart contract code. ERC-20 transfers of the stablecoin require authorization from an in-house registrar, which some experts argue is incompatible with the blockchain's decentralized ethics. Each transfer must be authorized in a separate ETH transaction submitted by the centralized registrar, causing concerns about the coin's security and potential impact on the broader cryptocurrency market.

EU Sets Standard Crypto Regulations with MiCA

The European Parliament has approved the Markets in Crypto-Assets Act (MiCA), marking a significant milestone for the crypto industry. This new legislation aims to establish clear regulations and harmonized rules for crypto assets at the EU level, providing legal certainty for the industry and investors. 

Moreover, the regulation will establish guidelines for digital asset token issuers' operation, structure, and governance, as well as offer rules on transparency and disclosure requirements for issuing and trading crypto. 

EU financial services commissioner Mairead McGuinness hopes the regulation will serve as a model for other countries, ensuring a robust global approach that safeguards consumers and financial stability.

#NFT Nike launches virtual sneaker collection "Our Force 1" as NFTs on .Swoosh platform.

Nike introduces its first-ever NFT sneaker collection called "Our Force 1" on the new .Swoosh platform. The virtual sneaker is based on Nike's iconic Air Force 1 design and will be available for purchase on May 10 via the .Swoosh marketplace. 

Early access to the sale on May 8 is granted through virtual "AF1 posters" airdropped to randomly selected .Swoosh users. This marks a significant move by Nike to capitalize on the NFT trend that has taken the art and fashion worlds by storm.

#FTX Tribe Capital is reportedly considering reviving FTX

Tribe Capital, a San Francisco-based investment firm that previously invested in FTX, is reportedly considering injecting more funds into the insolvent centralized cryptocurrency exchange. 

Sources familiar with the matter revealed that Tribe Capital is planning to lead a $250 million fundraising effort, with $100 million coming from the company and its limited partners. The venture capital firm is said to be interested in working with other investors to bring the struggling crypto firm back to life. 

While the talks are still in the early stages, sources say that Tribe Capital is optimistic about the potential for a successful revival of FTX. If successful, the exchange’s name would remain FTX.

#Bittrex Bittrex and its former CEO charged by SEC for unregistered operations

Crypto asset trading platform Bittrex and its former CEO, William Shihara, have been charged by the United States Securities and Exchange Commission (SEC) for operating an unregistered national securities exchange, broker, and clearing agency. 

Bittrex Global is also being charged for its operation of a single shared order book along with Bittrex. The SEC argued that six tokens traded on Bittrex, including OMG, Dash, and Algorand, are securities. However, the SEC has been criticized for claiming tokens are securities only at the time it files such complaints. 

#silvergate Silvergate Bank in trouble as it faces class-action suit and multiple lawsuits 

Silvergate Bank, a California-based bank that offered banking services to cryptocurrency clients, is facing three combined lawsuits from investors alleging that the bank assisted FTX, a cryptocurrency exchange, in fraudulently stealing their funds. 

The US District Judge for the Northern District of California, Jacqueline Scott Corley, consolidated the three separate lawsuits against Silvergate Bank, stating that they all shared common legal and factual questions. In February, four investors filed lawsuits, accusing the bank of knowingly supporting FTX's alleged inappropriate conduct. The bank had already disclosed plans to liquidate assets and shut down operations following a bank run in March.

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.

In a significant development, a US judge has signed a court order granting permission for Bittrex customers to initiate #withdrawals from their accounts. This decision comes as a relief to the customers who were previously unable to access their funds on the platform.

The court order signifies a positive step towards resolving the issues faced by Bittrex customers and ensuring their access to their digital assets. The judge's ruling allows customers to regain control over their funds and exercise their right to withdraw without any further hindrance.

The order comes after a period of uncertainty and restricted access for #Bittrex users, creating concerns within the cryptocurrency community. With this new development, affected customers can now proceed with withdrawing their assets, providing them with much-needed reassurance and restoring trust in the platform.

This decision highlights the importance of ensuring customer protection and upholding the principles of transparency and accountability within the cryptocurrency industry. It also emphasizes the role of regulatory oversight in safeguarding the interests of users and fostering confidence in the digital asset ecosystem.

Bittrex, as a cryptocurrency exchange, plays a crucial role in facilitating the trading and storage of digital assets for its customers. The court order granting withdrawals signifies the importance of ensuring a seamless and secure experience for users, fostering trust and confidence in the platform.

While the court order is a positive development, it is essential for Bittrex and other cryptocurrency exchanges to continue enhancing their security measures and operational protocols to prevent similar issues in the future. Implementing robust security systems, conducting regular audits, and prioritizing customer protection are essential for maintaining a safe and reliable trading environment.

As the cryptocurrency industry continues to evolve, regulatory oversight and judicial interventions become increasingly vital in safeguarding the interests of users. This court order serves as a reminder that appropriate legal mechanisms are in place to address customer concerns and ensure fair treatment within the crypto space.

In conclusion, the US judge's court order allowing Bittrex customers to make withdrawals marks a significant milestone in resolving the challenges faced by users. It reinforces the importance of customer protection, transparency, and regulatory oversight within the cryptocurrency industry. The ruling enables affected customers to regain control over their funds and highlights the need for continuous improvements in security measures across cryptocurrency exchanges.

Throughout the last year, the U.S. Securities and Exchange Commission (SEC) has identified numerous crypto assets as securities in cases involving Binance, Bittrex, Coinbase, Terra’s Do Kwon, Tron’s Justin Sun, and several more. The aggregate worth of these prominent digital assets, considered securities, currently amounts to $98 billion, making up over 8% of the cryptocurrency market.

Alleged Crypto Securities Identified by SEC Account for 8% of Crypto Economy

The SEC has classified a significant number of crypto assets as securities within its purview; these include decentraland (MANA), dash (DASH), algorand (ALGO), beaxy token (BXY), solana (SOL), binance coin (BNB), cardano (ADA), and several others. Combined, these purported security designations represent a total value of $98 billion as of Wednesday. Moreover, within the past 24 hours, these coins registered approximately $4.47 billion in global trading volume.

On July 19, 2023, the combined value of all 66 so-called crypto securities classified by the SEC amounts to just over $98 billion.

The top five crypto assets deemed securities, in the SEC’s view, by market valuation include binance coin, cardano, solana, tron, and polygon. These account for $72.93 billion of the overall $98 billion figure or 74.41%. Following polygon in terms of the highest valuations among supposed crypto securities are ton coin, binance usd, cosmos, filecoin, internet computer, near protocol, algorand, and sandbox.

The top ten alleged SEC crypto securities by market capitalization size on July 19, 2023.

These eight tokens represent $18.54 billion in value or 18.91% of the cumulative $98 billion. This implies that the leading 13 alleged crypto securities constitute 93.32% of the market value of the 66 classified.

Some tokens cited in this list like Mirror Protocol’s synthetic stock tokens possess no tangible worth but were still regarded as securities by the SEC along with luna classic (LUNC) and terrausd classic (USTC). Out of all tokens responsible for 93% of the purported crypto securities lists’ value, only two experienced losses within the past seven days. BNB dropped 2.37% this past week, while internet computer declined by 2.02%.

Though the SEC has deemed these crypto assets as securities, this doesn’t mean they actually are. Recently, Ripple Labs secured a partial victory concerning its crypto asset’s programmatic sales. #Binance , #Coinbase , #Bittrex , and others have also been fighting the SEC in court; the outcomes of these cases may provide additional clarity.

While the crypto assets classified as securities by the regulator initially witnessed significant downturns following the #SEC ’s disclosure, most of these assets have reversed course and recorded gains since the recent #XRP  ruling.

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

U.S. Bankruptcy Judge Approves $7 Million Bitcoin Loan for Bittrex

Bittrex, a U.S.-based cryptocurrency exchange, has been granted a $7 million loan by its parent company, Aquila Holdings, to help with its bankruptcy proceedings. Judge Brendan Shannon approved the loan, which will be paid in Bitcoin, due to the cryptocurrency's low-interest rate and volatility protections.

Bittrex is also seeking to obtain an additional 450 Bitcoin loan worth $12.4 million in a June hearing. If granted, the two loans could be worth a total of $19 billion.

The loan will reportedly help Bittrex pay back all its customers in cryptocurrency and proceed with bankruptcy without any issues. The firm filed for bankruptcy in May, stating that its assets and liabilities were each between $500 million and $1 billion, and it had over 100,000 creditors.

Takeaways:

Bittrex has been granted a $7 million Bitcoin loan to help with its bankruptcy proceedings.

The loan will reportedly help the firm pay back all its customers in cryptocurrency without any issues.

Bittrex is also seeking to obtain an additional 450 Bitcoin loan worth $12.4 million in a June hearing.

Judge Brendan Shannon approved the loan due to the cryptocurrency's low interest rate and volatility protections.

Conclusion:

Bittrex's bankruptcy has been a significant development in the cryptocurrency industry. The exchange's parent company has now stepped in to help with the bankruptcy proceedings, showing a commitment to the firm's future. The fact that the loan will be paid in Bitcoin is also notable, indicating the growing acceptance of cryptocurrency in mainstream finance. The situation will be worth monitoring in the coming weeks to see if Bittrex can successfully navigate its bankruptcy and emerge as a stronger player in the crypto industry.

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