Bitcoin Forum

On May 8th the crypto community was greeted with the news that Cryptocurrency exchange Bittrex filed for bankruptcy. It was one of the biggest crypto exchanges to exist before Binance. It joins other crypto exchanges like FTX, platforms Celsius Network, Voyager Digital, Three Arrows Capital and BlockFi that filed for bankruptcy in 2022. Unlike FTX, Bittrex informed her customers to withdraw their funds before April 30th and even those who didn't would still be able to get their funds back in full.


I know that many other centralized exchanges may declare bankruptcy - but let's ignore this for a moment and assume that these companies gets back in business would you patronize them? Would you still do business with them? I know the whole talk of move your bitcoin off centralized exchanges but we cannot denial the fact they that they still play an important role in the crypto community.

. https://www.thestreet.com/investing/cryptocurrency/big-crypto-exchange-goes-bankrupt#:~:text=Besides%20FTX%2C%20platforms%20Celsius%20Network,BlockFi%20went%20bankrupt%20in%202022.

Actually they were kind enough to tell people to withdraw their funds from the exchange but this goes to still repeat that it’s very risky to leave your funds on exchange, sad to see an exchange filling for bankruptcy but what’s the reason for bankruptcy going by the way FTX went bankrupt and the mismanagement of funds it draws attention also to this case.

I would not Trust and do business anymore with a crypto-currency  exchange that has gone bankrupt, I won’t do business with a centralized exchange because I don’t believe in the centralized system.

This is a story that repeats itself and will continue for a long time.  The centralized are greedy scammers who have no heart and think only of their business so why should I help their pockets with a means of payment that expresses the concept of freedom?  If you are smart, you will continue to accumulate Bitcoins but above all you will have to commit yourself to giving birth to a circular economy in your city, only in this way can mass adoption take place.

This exchange is even fair to its users by informing them to withdraw their funds before the specified date, unlike others who simply went bankrupt and went with people's funds without a refund; however, just because they inform their users to withdraw their funds does not make them special.

Traders are drawn to centralized exchanges because it is simple to trade on them. However, some argue that due to Bitcoin Network congestion and high transaction fees, most people will shift their focus to altcoins; now that the exchanges are going bankrupt, who else can trust them? I believe we should just keep faith and hold our Bitcoin.

It's important to stay informed: Bittrex has had separate US and Global exchange platforms for over two years now. It's the US exchange that is claiming bankruptcy, not the Global exchange. Many believe that the US government's unfavorable stance towards cryptocurrency may hinder its potential for growth, causing the country to miss out on the tax revenue and other benefits the industry could offer in the future. If this continues, there's a possibility that the US may try to retaliate when they see other countries profiting from the cryptocurrency space.

The trust issue is that when broken it can not be replaced or amended, but then we have to consider several things in all the exchange's bankruptcy which is the nature at which their handle customers' refunds, and the cause of the bankruptcy because exchanges have been under regulation attack for a while now most especially cryptocurrency exchanges.so for that like bitterness that made a clear declaration of their intended closer and given customers enough time to withdraw the funds and also a promised refund to customers that failed to meet the deadline.

This indicates that the exchange can be trusted with customers' funds and if they could make a comeback, there is a high possibility for them to get the clients back.

For an exchange like bittrex, I do not see why I would do business with them if they get back in business, bittrex has a great reputation as a crypto exchange, I remember like the op said, they were one of the biggest exchange before the emergence of Binance, why many of this OG exchanges allowed binance to take the crown from them, I really don't know, but the fact remains that bittrex is a great exchange, and I will do business with them, as long as they didn't steal money from their customers.

And besides, it's the US arm of bittrex that filed for bankruptcy, not the global version, if the global version of bittrex file for bankruptcy, that would have cost a lot of unrest in the crypto market.

I am not a customer of Bittrex, but Ofcus' customers will definitely still do business with them if they come back because they have served their customers well by asking them to withdraw their assets before they can officially short down. Most exchanges have failed, and not all were able to ask users to withdraw their assets before going down.

I know that bittrex plays a role for the history of the crypto market as they're one of the biggest exchange before Binance became one. But, I wouldn't step any on their territories when they come back to business. Just no for me and I wouldn't even think twice with that.
Even if they'll comeback with such good offers and promotions, that wouldn't enticed me of using them and that's even going to give me the thought that they're trying hard for it but still, not gonna push me into using them back.

At least they were responsible enough to return the funds that were actually not their ownership. Still thankful for that. However, if they will operate again, I would not dare to put my funds again in their exchange because I already know that there are no security with centralized exchanges. Although they can be trusting at first, but it’s risky to think that we should always be alert to withdraw our funds in case the exchange will be put into danger again. I would rather create my own hardware wallet that is more secured and free from online scams.

Don't know about anyone else here, but personally I was pleased to here this news. It's long overdue based on Bittrex's reputation over the years that has been steadily declining. It was indeed one of the largest exchanges when altcoins were booming in 2017, as was one of the few exchanges offering hundreds of different shitcoins, whereas as now there are literally hundreds of exchanges doing this.

Ultimately the interface was always archaic, nobody liked going there in order to buy a shitcoin anyway - it was more of a "needs must" as the first exchange for many new coins if you wanted to get in early - and otherwise went from a Top 10 exchange so not even in the Top 50, eventually replaced by the likes of Binance, Kraken, OKX, Bitfinex, Huobi, literally every other major exchange, even Coinbase.

I'm otherwise far from surprised they can't manage their books based on their reputation. Even with $10m+ volume per day they still couldn't stay in business and turn profit.. It's pathetic really.

This is the important part!

OP is talking like bittrex, one of the biggest exchanges is going bankrupt but it's not. Bittrex US was having problems for months and the Biden administration and the SEC was slowly suffocating it.
The result of this war will be the exodus of all but the most centralized and obedient exchanges from the US and US citizens will have to trade using exchanges in other countries.

Good thing is that there are 2 presidential candidates who like bitcoin and I doubt people are going to vote for senile Biden once again, so chances are in a few years the president will be a bitcoiner.

Whenever a a centralized platform filed up for bankruptcy then as a user or client who had been using up their platform and have funds inside the exchange then dont expect that everything would go smooth.
If ever they would be giving out some ample time to make withdrawals then its a good one rather than on making yourself on the situation just like with those Mt.Gox funds that had been pending for how many years.
I wasnt aware if those Bittrex funds been holding have totally given out into their users or there are some pending issues but basing up on my awareness they arent really that having that much issue in regarding to it,
unlike into those people who get stucked with FTX.

In speaking about trusting them once again then i would definitely 100% be skipping out, if ever they would be deciding to have some restarting of their business. I cant just afford on trusting
again on a company which does have filed up some bankruptcy in the past and now they are trying out to run the business again just like that there's nothing happened? lol

Although the Bittrex exchange inform their customers about withdrawing their funds but there's something wrong with the mode of operation of some centralized exchange because they appear to be playing with user's funds because the Bittrex exchange filed for bankruptcy after the US SEC look into exchange services in the foreign affiliate and Bittrex Global after they failed to register as a national securities exchange and the next thing is that they filed for bankruptcy.

of course i will still do business with them, the issue about KYC and being a centralized exchange only applies is only risky for me if i were doing some shady things which i refuse others to know. aside from that, the company is trusted and operates diligently. i was even using bittrex way back 2018 to do transactions since there are wide variety of coins i can choose from and it is much easier to transfer coins from my wallet to that exchange compared to other exchanges existed today. it is just sad to hear that bittrex slowly fall out of the competition, but regardless i was still happy doing transactions back then.

It is Bittrex US. not Bittrex Global which will continue to provide their exchange service for global users who are not from the USA.

About Bittrex exchange, they have interesting history in 2017 when they took over a first position from Poloniex. Poloniex used to be a very big exchange but they failed to prepare and expand their infrastructures for 2017 bull market. When massive demands from new users came, their platform was overloaded and broken. That caused losses on their users who use Margin trading.

Bittrex took that opportunity and became a biggest exchange in 2017 but they failed to scam ICO tokens. They did not learn from Poloniex and lost their position to Binance very easily within a few months.

They made their history worse in many people when they forced users to do KYC. Many people failed with KYC on Bittrex and were unable to withdraw money out of Bittrex.

Bittrex - source of funds (https://bitcointalk.org/index.php?topic=5253547.msg54567100#msg54567100). They did bad things in 2019 and 2020 on many customers.

April 30 of which year this year or next year?
For the platform to go bankrupt means to file for bankruptcy according to Chapter 11 of the US Companies Law https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics , something that did not happen in Bittrex case.

Bittrex US (not Bittrex Global)  is the one who stopped working, in which SEC does a lot of work to dry up crypto exchanges and therefore closing the .US is logical.

we ignore COVID-19, the cost of living, price fluctuations, inflation rates and the difficulty in obtaining loans effect.

Can't really answer that question without having enough information.

* Why did they go bust in the first place?
* Is the CEO/leadership team a new team, or a different one?
* Is there a specific reason on why I should go back into using the exchange?
* etc.

The most of the centralised exchanges are facing the same issue but the thing is they themselves are not losing anything even if they file for bankruptcy but users funds are confiscated with it and marked as loss so if you trust them again it's your mistake.The market crash or general reasons can be treated separately but they are going down because of internal operations or any other reasons even it's US exchange only so the people are at loss in the end.

Bittrex was once among the top crypto exchanges with high regards in its security, so I think it’s still reasonable to do business with them and trust my funds again into their exchange. However, maybe this time I will be more cautious not to put all my funds to them so that if this scenario will repeat, then I won’t have to deal with regrets from losing huge amount. I know Bittrex was very stable way back then, but still it’s safer not to put all in.

No. I'm done with centralized crypto exchanges and I won't be using a centralized crypto exchange(unless I have no other choice).
Respect for Bittrex for staying legit and paying all the funds to their customers. I guess that they weren't some exit scam and they didn't have any insolvency, which means that they simply weren't making enough money from trading fees. The centralized crypto exchange market niche got too crowded, because the trading volumes went down and many people stopped using centralized exchanges. It's normal for some crypto companies to leave the market, since they don't make enough money to cover their operational costs.

I would still trust them because they allow users to withdraw all of their funds. According to the quoted text above, they did not defraud individuals and instead declared bankruptcy. But it doesn't mean I won't utilize their service again if Bittrex goes out of business. This type of occurrence will not occur on a regular basis, so it would be prudent to use other top-tier exchanges such as Binance. However, I believe Bittrex will not be able to run again in the future because they knew it would fail. It would be preferable to create a new exchange site to attract more users.

Why not? Trust only expired the moment they decided not to pay their users and since this is not the case I will gladly use another exchange from the same set of Bittrex team and founder, something must have gone wrong with their funds.

I feel there is more to it than we know but it's their decision if they want users to know more about what really went wrong, even Binance exchange which is the most successful one in 2021 have now lost a lot of money, the bear market doesn't have any fear for anyone it seems, even third party investment companies are all down in profit due to crypto bear market.

I use decentralized exchanges more than CEX now because of what happened with FTX last year and the reason why I still use CEX is because of easy Fiat to crypto ability that CEX offers, if one day a DEX find a way to do this then I will consider leaving CEX for good.

When a company or exchange goes bankrupt, no one can trust that company or exchange anymore.  We have seen FTX go bankrupt and mismanagement of funds drew attention in this case as well.People don't want to do business with centralized exchanges now because centralized systems have lost their trust. Even after that if companies come back in business I will never patronize them.Bittrex has separate US and global exchange platforms. Many believe it is the US exchange that is filing for bankruptcy, not the global exchange. All the time we notice these news that centralized exchanges may declare bankruptcy.  So no one wants to trust centralized exchanges.

I like that they raise the alarm themselves, they try to be transparent as possible and it works, but I am confused how a successful crypto exchange can just filed up for bankruptcy like that, exchange business is a very lucrative one, what the hell went wrong? How are they not in profits?

There is another possibility, maybe the exchange have something to hide? They might plan to come out in the open to avoid letting the cats out, I would say let's wait for a while before believing this exchange, they might have something they are hiding after all.

I use Bittrex years back and I still have a working account on the exchange but I don't like the exchange, I pick Binance over them but Bittrex is a good reliable centralized exchange, I am glad they decide to pay their customers even after the bankruptcy.   

It's up to you if that's what you think about them and putting your funds on them while having these issues. That's fine I guess to put any amount that's okay according to you and no matter what happens, you're aware that the worse can occur.
But just for the sake of avoiding these things, it's better to just avoid them and let the storm calms first before going on with any amount and start trading back there.

Gone are the days when they're like that but until they settle everything and regain its past status or maybe not anymore, we're all free to think what we should do with our funds with or without them.

If the traders are not affected due to the bankruptcy and they can able to withdraw whatever they hold in their exchange wallet then it makes them to be legitimate so definitely theit customers will be loyal to them when they get back into the business again. I am not sure it happened with any crypto exchange before but when we look at some of the companies with loyal customer support able to become leaders of that sector even after went to bankrupt status.

It is commensurate with the prohibition against storing assets on centralized exchanges and sometimes we are too pushy not to pay attention to the security of the assets we have. Luckily when Bittrex notified its customers to withdraw funds and if it was not notified then many people would suffer huge losses as happened in other exchanges that went bankrupt.

We've seen exchanges go bankrupt in the last few years and they also have quite a reputation, so this is an important warning that many people need to be aware of and we need to be solutive in choosing a safe place to store assets.

Maybe when their reputation recovers there will still be people trading there, but it will be a reminder that any exchange is not a place to store assets, so vigilance and caution is needed to avoid losing the assets we have.

I've never personally used the exchange and I'm not sure how it is but I know that it was one of the top exchanges back in the day, of course. But even if it's facing issues and is struggling, it has paid its users the money that it owned and didn't just shut down the services without prior notice or eaten the funds of any of its members which is a positive thing.

About using it again if it comes back up, I think people will probably move to another alternative right after the shutdown and no one would really change their exchange if they are not having any issues even if the old exchange that went off once comes back again.

For a company to genuinely fill for bankruptcy and ask there customers to withdraw the funds they have on there exchange, this mean that the company is honest in what they do and they don't want any legal issues with government or there customers which is a polite way to do business. This is a good company that is trusted and they know what they are doing not like FTX that took customers funds away without any hope of them getting there money back in the future. I think I people will kind use this kind of exchange if they eventually come back for operation.

Actually  I will still do business with them especially  the paxful most especially  because of the users interface  and friendliness  and more over, before they went out of market, they also gave their customers the opportunity  to withdraw  their funds and at some points, I had to wonder why they had to go off business and though Paxil had a sister app (noones ) which is more of a copy and paste of painful, i think I will still prefer they go back to the original paxful and I will forever still trade with them and though I was scammed on the p2p market option,  I had to accept that it was my fault but kept dealing with them, not until the change and switch was done.
I will trust most of the exchanges if they get back to business more better especially  those of them that gave their customers  the opportunity  to withdraw their funds before finally shutting  down.

I also want to know what might happen to persons that don't redeem their coins before the dead lines especially  those that invested in bitcoin  for long term and never got the notification to withdraw their funds, I wish to know of they will still have access to their funds after a period of let's say 1 year or after 2 years or even more?

It wasn't being kind but it was the proper procedure.  Whenever an exchange have to end its service, it should notify its client or customer to withdraw the funds and give deadline until when.  They should also allow their client some extension if they failed to comply with the notice.


If you are not going to trust any crypto-currency exchange then where would you transact your business?  You can trust them for their service but obviously, it is not right to make them a stash where you store your BTC and other cryptocurrency.

I would still do business with them if there is a need but I wouldn't leave my idle coins in their exchanges.

Yes I will still do business with them, the issue about KYC and being a centralized exchange only applies is only risky for me if i were doing some shady things which i refuse others to know. However, maybe this time I will be more cautious not to put all my funds to them so that if something like this repeat, then I won’t have to deal with regrets from losing huge amount. I know Bittrex was very stable way back then, but still it’s safer not to put all in. It was one of the biggest crypto exchanges to exist before Binance. It joins other crypto exchanges like FTX, platforms Celsius Network, Voyager Digital, Three Arrows Capital and BlockFi that filed for bankruptcy in 2022. Unlike FTX, Bittrex informed her customers to withdraw their funds before April 30th and even those who didn't would still be able to get their funds back in full.

They allowed all users to withdraw their funds until they don't, the next time it fails. Just because they didn't block withdrawals doesn't mean that people didn't lose money due to the exchange. Would you lend money to a broke person? Probably not; then why would I risk my money on an exchange that has already failed once? What's stopping it from failing again in the future, and what kind of guarantee do I have for my funds? None; why should I bother then when it's simpler and safer to just move on and use another service? Thankfully, there are plenty of exchanges, centralized or not, that can do the job without issues; there's absolutely no reason to take such a risk.

Personally, I wouldn't bother ever again; trust is like broken glass; it can't be glued back together. No matter what they do, they will always be stigmatized and will never fully recover their reputation.

It is okay not to use an exchange that has gone bankrupt again, but not doing business with centralized exchanges is not a smart decision for me. For your information, there are many people throughout the world who use centralized exchanges, and they have invested a lot of money into them, particularly Binance, as evidenced by the 24h volume. This does not imply that they have concentrated all of their funds. We are all aware that centralized storage of funds was not secure. That is why you must have a personal wallet in which you hold the private key and transfer your funds into it after using a centralized exchanges especially if you're going to hold an asset for a long time.

I think the most important thing we should learn from the bankruptcies of these big exchanges is to never leave large sums of money at them. It's fine to trade on them regularly, but once we accumulate 1,000 USD worth of cryptos and more we should be transferring them to a more secure wallet. Even with the high fees we are facing today it's important to keep our coins save. Better to pay 20 USD in fees than to lose a large sum of it due to a bankruptcy. As for using companies again that have failed in the past I don't think it's a problem as long as they have always been honest with the customers. It's a big difference if a company is failing because they scammed their users out of a lot of money, or they were running a ponzi scheme, or they didn't charge enough fees compared to their operating expenses. Bankruptcies are part of modern society and a well restructured company can succeed. Pepsi for example went bankrupt two times before they succeeded and people are still drinking their sodas today. 

What you give is not entirely correct. Bittrex has filed for bankruptcy because of accusations and pressure from the SEC, which has nothing to do with their business. They don't go bankrupt the way FTX did. And they have also said that this does not affect Liechtenstein-based Bittrex Global, which means we can still use their service without any problems. But anyway, using centralized exchanges is still not recommended, so use them for the proper purpose, never use them to store your assets.

If they can able to return 100%  funds of all of their costumers then why not? For announcing this it indicates that they don't have plan to scam their costumers so if they decide to go back on business then for sure I will trust them again since they don't do shady exit just like what other big exchange which turn scam. But its still people's preferences if they could trust them again since maybe there comeback is different so for this its good not to trust any of them and have vigilant consciousness to know the latest updates and other things going around them to avoid any scam issues.

Using centralized exchange is not a bad thing, not to me at least. Aside from the fact that you can't maintain complete anonymity and relatively higher transaction fees, centralized exchanges are not evil. The problem lies when you store your assets on those centralized exchanges.
Some centralized exchanges make it more convenient when you want to trade, so I can just keep the amount I want to trade at the moment on the centralized exchange I use, that way if anything happens to the company or your assets, you'll only be losing a small part of it.


"Trust" is not the word id use, because if I trusted them I would have kept my assets with them, but I'd still do business with them. The fact that they even gave people time to withdraw their assets should be commendable. 

Bittrex US declare its bankruptcy due to unfriendly sentiment within the country and mainly because of the SEC complaint[1]. On the other hand, FTX, Celsius, Voyager Digital, and other things you mentioned are simply bankrupt due to mismanagement of funds and subpar risk management.

Those two cases are on another level, besides, as other have mentioned, Bittrex Global are still operating. With that said, Bittrex might still doing fine while the others should be avoided if they even dare to reopen.

[1] https://www.sec.gov/news/press-release/2023-78

I remember before when I just starting to explore cryptocurrency, Bittrex is one of the many exchanges I am using, it's just sad to hear this.
For me, it's all good as long as they are transparent to their customers and all funds are still accessible and users can still withdraw them. This is somehow difference on what happened on FTX Exchange.

Definitely a case to case basis. Not all exchanger bankruptcy means abandonment of their users, some are still minding of how would they be able to return the funds to their consumers. But since it is asked whether to still patronize an exchanger which is from bankruptcy, I'd day it depends on how it ended with regards to their previous dilemma. If they managed to not leave their users then there'd a tendncy that they will come back stronger. But if they created a bad impression already, then it will not be worth of our time and money. This is not to be discriminativr but just putting a sense of safeguarding our funds. Never settle for less if you have better options in this industry.

I haven't been in business with them before now because I trade using Binance, but normally I won't trade with them if they come back to the limelight only I was interested in a coin later and it is only traded with them.

Lets say out of 100% then i would definitely be sure that 98% would really be just walked away and find out for another company or platform on which they could entrust their funds or money on.

Not to really have that discriminative kind of approach or conclusion of things but peoples mindset and behavior or the reaction would really be most like be in lined on what i have said earlier.
Once trust is broken then it cant really be taken back no matter how hard they would try on getting those trust once again but still it cant really be ever be the same which lets just
face up the reality. There might be those solid supporters or users who would really be looking back and giving out the chance but sooner or later they would really be still announcing on closing
down their doors just because they arent really that getting much users or simply not that sustainable at all.

Companies and trends do really come and go and for those who do fall down into the path of being hacked or bankrupted or does have some serious issues in the past will really be
remaining that kind of taint forever and not something that could be forgotten which we know that trust is mainly been affected on here.

I also see how Bittrex first introduced its service.  I think I am one of the pioneer users of that exchange until I shifted to another exchange.  It is really sad to hear that Bittrex is shutting down.  I wouldn't compare Bittrex to FTX because Bittrex had been honest to their client unlike FTX where they siphon the fund of their user through backdoor.  Aside from that they were not involved in any scandalous activity until they declared their bankruptcy.

I have not used bittrex before, however there is a big difference between a disorganized bankruptcy, like the one the FTX exchange went through, and one were the business in question sees that things are not going in the right direction and they let their customers know beforehand what is going on, in this case I think bittrex has shown that they do care about their customers, and the owners behind it have earned enough good will that I think its global exchange will still remain in business for a long time.

While we can't completely disregard centralized exchanges, it is advisable not to store significant funds on them. Due to liquidity concerns and the wider availability of trading pairs, centralized exchanges offer easier trading options. However, for security purposes, it is always preferable to utilize decentralized exchanges (DEX). Personally, I continue to use Binance for trading purposes, but I refrain from storing large amounts of funds there. In the past, I used Bittrex as my initial centralized exchange, and it's disheartening to hear about their potential bankruptcy filing.

What Bittrex did was the standard practice of businesses. It shows that they are not interested in scamming any of its customers. The bankruptcy of FTX and other exchanges wouldn't have affected the crypto space negatively if customers funds were refunded. Bankman-Fried wouldn't have been facing any criminal charges if FTX did what Bittrex did.

Although the exchange collapsed, Bittrex's management proved that they are dependable. If I was their customer I will still use thier service if they came back to business. They have proved without a doubt that customers' funds are safe. But we should also take more that exchanges cannot be trusted.

It's very important to inform everyone on the platform concerning that,if really there is an which may occur and will result of course damage to the people 's money,or in kind of relocation,in order to retain you KYC,is to pass information across the page to enable them to participate in the relocation.

This is the first centralized exchange that I've used back when I'm just starting to learn cryptocurrency. Been used Bittrex as well for spot trading when I was a newbie.
It's kind of sad for me (a little bit) to see a centralized exchange going bankrupt, but that's pretty normal already knowing what happened last year where so many exchanges filed for it as well.

What's good is that, they still informed their customers to withdraw their money unlike what other exchanges who filed bankruptcy did where they didn't inform their customers whatsoever. I don't know if there's a reason behind this, or maybe we might see them back into business anytime soon, and they don't want to destroy their reputation thus, they did this.

In this situation, NO.

With the emergence of Binance, I think that I will stay in using Binance, and only Binance. I'm not a fan of storing coins in CEX, but Binance has many features already that is very helpful to the user of their application. Like you said, CEX in general play a big role in the community especially in terms of buying, and selling, and earning passively (thru their Earn feature). As for Bittrex, I will not be surprised if they will come back to business in the future, but I don't know if they will be having that much customers still because some Bittrex users might switch to a different CEX, and when they are comfortable using it, they might stick with it.

that's very correct! they didn't go into hiding but rather let their customers get their funds before their closure. actually, that should be the practice of every business who wants to get out of their business. sadly, not many would do such move. usually, you would just hear the news when they suddenly freeze your account or won't let you withdraw.
if in case they will go back to this business, i may use it if necessary as they show the professionalism on this regard.

Exactly only Bittrex US declared bankruptcy for the reason you mentioned, Bittrex Global is still operating normally.  but it seems many people are unaware of this news and are discussing it negatively. I am not on the side of centralized exchanges, but we need to verify information carefully before it spreads.  this is a negative news that affects the reputation of Bittrex while they are still operating normally in other countries except the US.

I don’t know if it’s just me but as long as it doesn’t involve good old SBF, I’m willing to bet my trust. Bittrex’s file for bankruptcy isn’t done for some evil ulterior motive, it was done to save face and offer the best form of exit service to its customers, even if they really couldn’t put money in their treasury anymore. This just means that in my book, bittrex is one of the most thoughtful and customer-centric crypto exchange out there, in an industry that is so relentless against the average joe because of anonymity and numbers scenario (the fact that we beyond this forum we’re merely numbers and statistical data). So if ever bittrex bounces back up and decides to still offer services in the future? I’ll take the pill and trade with them.

That depends on the reason, which got that exchange to shut down its operations in that country. Most of the time, it's due to laws and regulations and if those stopped exchanges come back into operation then it's mean either they have accepted the laws and regulations or L&R are changed according to the needs of them.

If one exchange is being penalized for scamming and even after that it becomes functional then i might not trust it again and will avoid using it for financial activities.

If the exchange halted there operations in a state or country due to L&R and become functional after that, then i might trust them and will not avoid making transactional activities. Such as Binance has halted their services for Canadians due to CSV's L&R, and if it gets back into function then Canadians are definitely going to use it again.

It isn't every exchange that shutdown that customers will lose their money, some of them will want to keep their reputation intact so they won't just showdown without warning their customers to withdraw their money. Exchange can shutdown for different reasons which one of them could be due to pressure from the government, and this looks like one.

I won't mind doing business with bittrex exchange in the future if they reopen but I won't store my coins on an exchange or any centralized sites. There's so many reasons things can go wrong. For the fact nothing went wrong in this case doesn't mean exchanges are good storing of coins.

I see no reason why if you are not a trader and just an ordinary person who just wishes to hold his/her Bitcoin to leave it on a centralized exchange, and moreover an exchange that have once given a red flag of bankruptcy, because for the fact that they did informed it's traders to withdraw their funds within a certain period of time shows that they never meant to scam anybody nor run away with anybody's fund. So if they happen to come back and can prove themselves to be trustworthy, I will give it a second try but with caution.

Embracing an exchange that's danced with bankruptcy - its either impressive faith or... a high-stakes gamble, eh? Your confidence hinges on the assumption that they offered a lifeline for fund withdrawal, signaling no con game. But lets hit pause. These entities filed for bankruptcy once. Isn't that a glaring sign of operational blunders or market stress they flunked? Yes, centralized exchanges grease the wheels of liquidity. But arent cryptos about breaking free from central control? Feels like déjà vu trusting the big guys, doesnt it? And future bankruptcy boogeymen? Ready for another mad rush, another heart-pounder? Recall, history can repeat itself. Pining for centralized exchanges is natural, but maybe caution's the real hero here.

Did you find out about the information OP mentioned? Bittrex announced to close its branch in the US market due to legal problems with the SEC, the two sides could not reach an agreement, and Bittrex globally is still operating normally. So don't always blame them without finding out what's going on. Are you using centralized exchanges?


Do you really think cryptocurrencies were created to keep us free and free from the central government? Apart from bitcoin created to give us financial freedom, the rest of the market is the financial market. We are here for profit, not looking for freedom or decentralization. Do you see any project that offers decentralization like bitcoin?

Never used Bittrex since day one because it has a high fees compared to other exchange that I am using , so asking me if I will still do business? nope and never .
and filing for bankruptcy ? does this mean Binance will be sooner the biggest crypto exchange we will ever use?

I've also never used Bittrex before, even though I know it's an exchange that predates Binance. But I think OP's question isn't just about Bittrex filing for bankruptcy, what he's asking is an exchange declaring bankruptcy, and if they come back, are you confident enough to keep using them?

I think it depends. If it were FTX, I would never do business with them, even if they pay investors and go online again. But in the case of Bittrex, it will be very different because they have notified us in advance to withdraw the assets. They have no intention of scamming us so there is no reason to reject them if they are online again.

for me? even if it is FTX but they already filed for bankruptcy ?  my confidence about their site and their legitimacy is already damage things that may turn me from never doing business or using that exchange.
and even if this is Binance , nope not to use them again as there are lots of option that I can use .

As long as it gets my job done, I will use it. I keep my assets in a private wallet and not in any centralized exchanges. When I do need to use it, I deposit the amount and then do my work. After that is done, I will immediately withdraw my funds to my personal wallet.
But sometimes past performance does matter. History tells us more about something than we can imagine. So it's not surprising if people won't trust them again to do business with them. It comes from trust and reputation. And people's willingness to use it.

I don't know about others, but as I said - I will use it as long as it is giving better service than other platforms and getting my job done. But one's success depends on public reach. Creating a good reputation again from ground up will be tough. One mistake could lead them to their doom. So that's the risk we will have to keep in mind too. Also, there will always be better option available. So the answer is still uncertain. But for me, the answer is already given

Exchange like Bittrex and other mentioned exchange had served the cryptonians for years back then and yes they are the most trusted in their days but business need to an end as there are no permanent in this world.

Asking me if I will still do business with them? of course if happens that they gain the business back so why not?

Bittrex did something that I expected Binance exchange to do if they are out of funds or they plan to go bankrupt, doing this have earned them a bug reputation and if someday they decide to come back I will gladly use their service still.

I heard that FTX is getting back on it's feet, after a new CEO takes over, I heard they get some lost funds back as well, but there is a rumor that Sam is still involved with FTX, this will make people stay away because they ruined their reputation to none left.

It will be easier to think that since Sam is still involved, the same thing can still happen again, so people can't trust them ever again, in FTXs case, what's spoiled can never be repaired.

When considering doing business with them, is it to keep my crypto assets on their exchange or engage in regular coin trading with them and take the proceeds right away? As for me, I can't retain my crypto assets on their exchange (I don't do that anyhow), but I can trade with them.

I would never trust again an exchange that went bankrupt. Who can assure me that it's not going to happen again? If you go bankrupt you had a really bad management, at that point just start a new clean exchange. I feel like it would be like fixing a totaled car instead of getting a new one, why would you do that? How could you trust it?

Everyone should have a second chance, but in the case of businesses it should be accompanied by clear changes such as changes in the top management. In any case, to do business with a centralized exchange you should be very careful in general, even if the exchange has not gone bankrupt (yet, lol).

we know that there are several factors that cause the bankruptcy of a company, some of which are that they have lost trust or interest in consumers, and the other is that there are competing companies that offer better things than them.
in this case, crypto is still very successful today, so these companies have lost trust, interest, or even lost to their competitors. if they come back, they need to do better, as well as offer something better than before. in fact, while it's nothing special, I don't think people are going back there, or maybe just a little bit.
Until now, I'm quite comfortable using several exchanges, such as local exchanges, binance, and kucoin. if there are new or old exchanges that start operating again, I think I need something more than that until I try to use or re-use the products or services they offer.

But with Bittrex, they announced bankruptcy and asked their customers to withdraw money, what did they do wrong? This case is very different from what FTX has done, so we cannot say that all exchanges are not equally reliable. What Bittrex has done is appreciable, and if they do get back up and running, I'll support them, even though I've never done business with them before. For FTX, we should definitely stay away from them even if they return all investors and reopen. There has been some news saying that FTX is planning to come back, but I hope they return investors' money and never come back.

Where is the confidence coming from, with exchanges, I know we can't do without them, but the fact that we use them, I don't trust them, they are volunteer to a lot of defaults, especially being hacked, or just disappearing so many things can happen, the issue of FTX shows why it is very risky to trust an exchange we should just, the only thing I can suggest you do is getting a secured wallet with your seed phrase properly saved and whenever you want to Run any transaction, all you have to do is send the amount you want to buy or sell on the exchange that is if you are selling and to your wallet if you buying.

that is really good move by Bittrex there's a lot of people was able to received emails to withdraw their funds which is a good sign that they really care on their users and they want that anyone can get their money back and not the same with FTX just running , for sure if FTX is back only couple of people will be back on their platform even they give back the money which we still don't know if when they can give it back but lets hope as a lot of people really affected on those and lose tons of money that they save for few years.

In terms of a business related to money/finance and crypto, it's hard to trust them the second time around.

The fear will remain, there could be some words of acknowledgement that they deserve to be given a 2nd chance. But if your personal asset is involved, don't you think to give that to them?

Despite Bittrex has a big history on my crypto journey, better safe than never.

It seems that FTX's intention to return is serious, and as far as I know, their users will be compensated in the form of a new product from the company rather than the same assets that FTX took away. I don't know if the news I read is correct, but if it's true, then FTX sucks. This is an act of disrespect to customers, and with such a start, they will never have a chance to return to the market a second time. Mt.gox and FTX are the biggest stains on our crypto industry.

They are serious because crypto exchange business is a big deal. They already see how big the money came in into their platform that's why they maybe think about to revive back their operation. But the question to be ask there is does the old FTX user could trust them again? since for sure they already done with them and don't want to experience another round of scamming. Maybe they can accumulate those new but they will never restore back the trust of people especially those who lose a lot of money on their last activity made.

What is the reason why you no longer trust them when they have declared bankruptcy and everyone's assets are safe? What they have done is something to be cherished, and we should thank them instead of turning our backs on them. But as far as I know, Bittrex is still operating normally, and they only announced the closure of the US market. So, for those who are using Bittrex but not in the US market, there is no need to worry.

The foremost consideration for me is the primary reason behind their declaration of bankruptcy.

There are several reasons that are no longer acceptable when they emerge under different names. For instance, bankruptcy due to the misconduct of developers or an unfair business approach by the team. Or instances of fraudulent activities between the owner and users. Or anything related to the tarnished reputation of the exchange platform.

However, there are also some reasonable and acceptable reasons when they resurface. Such as the failure to adapt to technological advancements or mismanagement caused by an incapable team member. These issues can still be acknowledged and rectified in a new platform.

Maybe you are right because the profits from this industry are huge, no one wants to miss such a big piece of cake. If they are really serious, then returning the entire assets to the old users and offering great incentives is definitely a priority. Because this is the only way for them to regain the trust of the people and the market. I still think there will still be some investors who continue to be loyal to them because people quickly forget everything and just give them a little profit, they will forget the past.

I'm fortunately not a victim of FTX but even if they come back and get stronger, I won't believe them. They have been dishonest in trying to deceive investors in the past, and there is no guarantee that it will not happen again. Moreover, they are not the only CEX in the market, there are more reliable options for us to choose from.

The topic is about if they ever go back and register somewhere else and tries to operate again and that's why, everyone is saying that they will not trust them anymore so do I.

Yes, they've been part of our lives for a very long time but that's it.

Yeah, and this is for most crypto exchanges in the US that are filing their closure on that location because of regulatory pressure.

Some individuals are funny, they'll prefer to trust a company that scammed them then rebrand with another scam and they'll still patronized that project and buy their tokens which is what most developers are doing with altcoins. They create new ones based on what's been hyped in the market like with memecoins and when it's not getting any hyped again they close the project or abandoned it to create a new one.

Bittrex didn't scammed anybody they made sure they kept all their customers safe and that behavior has to be applauded because many projects and exchange in the market can't do what Bittrex did. They have shown that they can be trusted and if they comeback in future I would consider using their exchange instead of the new ones that doesn't have any reputation.

Yes, I do believe that everyone deserves a second chance even when it comes to our money and investment as long as we also see some positive changes that is going to take place. But regardless if an exchange is highly reputable or not, the fact that it’s centralized means we don’t have the full control of our investment anymore, then we should take extra careful and caution when doing business with them. And of course, by putting only a small amount of coins at an exchange, we are minimizing the risk of losing.

I agree with the 2nd chance but regarding trust, that was unfortunately not the same as before. Yes, we now become more cautious because even we do business with them again but I know there is already negativity that appears on our mind. But honestly, as the doubts and uncertainties come, this is not a good and healthy investment already. It is better not to continue doing business with them rather than get into such a feeling because it only creates negativity which is somehow not ideal for making a business.

If I think there are positive changes on the company management, I will not hesitate to do business with them again but maybe this time, I’ll just only risk just a small portion of my coins. And I think that it’s only advisable to use centralized exchanges when we only decide to trade, while the rest of our coins should be kept and hold for long term in our own hardware wallet that makes it highly safe from scammers around.

Second chance is only good for people who commit minor mistake. But this? For a institution who create a big financial damage to their community and to a large number of group globally I don't think they deserve a second chance since they could do the same again once they became successful and gather billions of dollars deposit coming from their new traders. There are more other reputable exchange available do why do we need to recycle those compromised exchange?

For me I would not trust them back again and find better exchange.

Indeed it is really funny how people can easily forget how these groups of individuals scam them and can easily trust these people again when they launch new projects under different name.  It looks like greed can keep the eyes of individual blindfolded.  I feel sad for these kind of people.  They will continue to get exploited by the same scam people if they keep on being naive.

Bittrex still has good faith in providing information to its users, this of course gives a good reputation for its managers.  There is a possibility that in the future this exchange will return with a better system update and of course old users of this exchange will be loyal to return to experience a more modern trading style

I certainly do mate , doing business with one of the most popular and big exchange have ever exist ? those exchanges that experienced closure may stand temporary meaning there are more to come in the future because still it is a business and we cannot deny their existence served us best for many years.
yeah they are reasonable to file bankruptcy and did not steal anything from their users.

They did not steal their user money by announcing their service closure and give their users time to withdraw money.

I don't know they will come back in future with a same exchange name, Bittrex or their team will buy some time to do due diligent research with Compliance, laws and wait for clear regulations from SEC. before creating a new exchange business. With toxic attacks from SEC. recent months, if you own a cryptocurrency business in the USA, you will feel risk and want to close your service and simply enjoy your easy life. I believe people who run Bittrex many years would be rich already and they don't need to live with stress by continuing their business.

They announced that they leave the USA. before they announce their bankruptcy. I think from their announcement to leave the USA. you can consider to withdraw your money from your Bittrex account already. It's risky to store your cryptocurrency on an exchange that is in migration process as something worse will follow the migration.