Bittrex Global, a renowned cryptocurrency exchange, has announced its closure in a surprising turn of events. This news comes as a surprise to many in the crypto community and marks yet another significant event in the developing crypto market. Bittrex’s trading will cease, and the final date for converting to USD or Euros will also be December 4th.
What is Bittrex Global?
Bittrex Global, established as a global leader in the blockchain revolution, has been a key player in the crypto exchange market. Known for its wide selection of cryptocurrencies, the platform catered to many investors, providing trading opportunities for beginners and seasoned investors.
The sudden closure of Bittrex Global
According to the company statement, Bittrex Global is shutting down its operations. This decision has prompted the platform to encourage its customers to withdraw their funds promptly.
Reasons behind the shutdown
The primary reason cited for the closure is the challenging and persistently declining crypto market. Bittrex Global, like many other crypto firms, has faced hurdles due to the prolonged crypto winter, regulatory hurdles, and market volatility.
Regulatory pressures have been a constant challenge for crypto exchanges. Bittrex Global, like many others, has had to navigate complex and often inflexible regulations across different jurisdictions.
Facing multiple regulatory obstacles, the cryptocurrency exchange has experienced setbacks, notably the shutting down of its U.S. activities earlier this year. In March, Bittrex closed its U.S. exchange, citing that it wasn’t “economically viable” to carry on operations after a legal battle and a $29 million settlement with the SEC for purported violations of securities laws.
The timeline for shutdown
Bittrex Global has already ceased the registration of new customers. Trading operations at Bittrex will conclude on December 4th, after which users can only withdraw or transfer their funds. According to Bittrex: Effective Monday, 4 December 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the winding down process.
How to withdraw crypto from Bittrex to Coinmotion
All users of Bittrex will be affected by the service shutdown. If you have funds on that platform and want to switch to a secure Nordic crypto service, you can easily hop to Coinmotion.
Coinmotion is one of the first companies in Europe to be licensed as a payment institution and officially registered as a digital currency service provider. The business license and registration of the company have been granted by the Financial Supervisory Authority.
In order to obtain permits, the company has had to pass several safety-related audits and inspections.
Coinmotion has over ten years of experience in securely depositing cryptocurrencies. We are one of the longest-running Bitcoin investment companies in the world and have developed our security practices to the highest level. Most of our customer funds are stored in cold wallets that are inaccessible to all hackers.
Here’s how to withdraw from Bittrex to Coinmotion:
- Register as a Coinmotion customer
Coinmotion is a security-first crypto service provider. You can open a free account here.
- Set up your account
Setting up an account only takes a few minutes.
First, select your account type by clicking Personal or Business.
The next page will ask you to confirm your email address. You will receive a confirmation code in your email automatically. Enter the code in the field provided for it and select “Verify email.”
The next page will ask you to confirm your phone number. Select the correct country code, enter the rest of your number, and select “Confirm via SMS.”
After that, we ask you to fill in more detailed personal information that the KYC process requires. Filling out the detailed information takes about two minutes in total.
Please note: Bittrex cannot process BTC withdrawals to SegWit addresses (beginning with bc1), which Coinmotion utilizes. The easiest method to transfer BTC to Coinmotion from Bittrex involves using an intermediary wallet compatible with legacy addresses. Hardware wallets like Ledger and Trezor offer this support, as well as Electrum and Exodus.
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