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Reading: Bittrex Cryptocurrency Exchange Unfreezes Customer Assets after Court Approval
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Reading: Bittrex Cryptocurrency Exchange Unfreezes Customer Assets after Court Approval
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Home - Bittrex Cryptocurrency Exchange Unfreezes Customer Assets after Court Approval

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Bittrex Cryptocurrency Exchange Unfreezes Customer Assets after Court Approval

Toby
By Toby June 14, 2023 249 Views
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Bittrex Cryptocurrency Exchange Unfreezes Customer Assets after Court Approval
Bittrex Cryptocurrency Exchange Unfreezes Customer Assets after Court Approval
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Bittrex, the beleaguered US-based cryptocurrency exchange, recently received court approval to unfreeze customer assets. This followed a Delaware bankruptcy court’s ruling in May, supervised by Judge Brendan Shannon. Notably, the court granted this concession without clarifying the legal ownership of these assets or distinguishing between the rights of customers and the government.

Contents
The Road to RecoveryThe Regulatory StrugglesThe Road AheadCalls for Stronger Regulations

#Bittrex U.S. has received approval from a Delaware #bankruptcy court to allow customer withdrawals starting Thursday.🔎

The exchange filed for bankruptcy in May following charges from the U.S. #SEC.🇺🇸

— Whale Coin Talk (@WhaleCoinTalk) June 14, 2023

The Road to Recovery

On June 15, the exchange is set to reactivate the withdrawal function for its users, as confirmed by Patty Tomasco, a representative from Quinn Emanuel, the law firm defending Bittrex. The firm, however, remained tight-lipped about the contentious issue of asset ownership.

The Regulatory Struggles

Similar to other market players like Binance and Coinbase, Bittrex faced scrutiny from US regulators, resulting in charges of operating an unregistered securities exchange. This regulatory pressure led to a marked reduction in their market share over the past few years. Following a significant withdrawal wave in March due to its planned US operation closure, Bittrex declared bankruptcy on May 8, leading to a freeze on transactions.

Also read: Adidas Collaborates with Artist FEWOCiOUS on an Innovative NFT Sneaker Project

The Road Ahead

Bittrex reportedly held $300 million in customer cash and cryptocurrencies as of May 10. As the exchange prepares to reactivate withdrawals, it takes a critical step towards assuaging customer fears about the security of their assets. Nevertheless, while this is a positive development, the exchange’s future remains uncertain.

Calls for Stronger Regulations

As the Bittrex case unfolds, industry experts are urging for more robust regulations in the cryptocurrency exchange industry. Despite this uncertainty, the recent ruling marks a crucial step towards normalcy for Bittrex and its customers, who have been anxiously waiting for access to their funds.

TAGGED:BittrexCrypto ExchangecryptocurrencySEC
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Last Updated on June 14, 2023 by Toby