Bittrex to shut its U.S operations

[DaveF]

Okay so regarding the SEC charges we talked about a couple of months back, it looks like Bittrex has agreed to settle and pay a 24M fine:

Crypto exchange Bittrex settled charges of offering U.S. investors access to unregistered securities on Thursday, agreeing to pay a $24 million fine within two months of filing a liquidation plan for the exchange.

Your thoughts on this? It would be interesting to see what the rest (Binance, and Coinbase) is going to do as well.

The question is did they agree to pay because they are leaving? Just add it to the cost of shutting down operations and move on.

Coinbase, being a public company would have to do it differently. If they can justify that paying a fine and moving on is a better financial operation then fighting it then they might do that. But, if some shareholders think and can reasonably see fighting the case being a better option then you have to look at that too.
 
Binance, who knows, they will probably just pay whatever fine that comes up. They charge so much, adding a few more fees to come up with a few million dollars off the backs of their clients would not be that hard.

-Dave

[bbc.reporter]

News update.

If you are a cryptoholder from America and know someone who has some funds on bittrex.us, tell them to withdraw their coins immediately. Much of the funds not being withdrawn and the their chance to get them might be closing.



Surprisingly, Bittrex faces a peculiar challenge. It’s struggling to convince over a million creditors to claim their rightful assets. The result? There’s a potential for Chapter 11 bankruptcy to turn profitable for the estate.

Since May, and with the claim filing period over, only about 36,000 clients have reclaimed approximately $143 million in crypto, as Patty Tomasco, the legal representative for the company, shared with a Delaware courtroom recently.

This represents a mere fraction. Consider the 1.6 million clientele informed about the withdrawal post the company’s U.S. and Maltese branches declared bankruptcy in May.

Source https://cryptomode.com/the-unique-case-of-bittrexs-u-s-arm-a-surplus-in-bankruptcy/