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Bittrex Global Shutting Down: How to Get Your Crypto Off Safely?

Last Updated November 21, 2023 4:49 PM
Teuta Franjkovic
Last Updated November 21, 2023 4:49 PM

Key Takeaways

  • Bittrex Global is winding down its operations, and users should withdraw their funds as soon as possible.
  • Users holding USD balances on Bittrex will need to convert them to EUR or crypto before withdrawing.
  • It is important to safeguard your crypto by storing it in a secure wallet and diversifying your holdings. 

Crypto exchange Bittrex Global is initiating the process of winding down its operations, with all trading activities on the platform scheduled to be disabled starting from December 4.

Following this, users will have the option to withdraw their assets as the platform begins its winding down process.

Bittrex Outlines Withdrawal Procedures for Users

Bittrex has reassured its users  that all funds and tokens on the platform remain secure and can be withdrawn. However, users holding USD balances will not be able to withdraw them directly. Instead, they are required to convert USD holdings into either EUR or cryptocurrencies before proceeding with withdrawals.

Furthermore, all ongoing promotions on the platform have been halted, and Bittrex Global will revert to its standard fee schedule. The platform strongly advises against making any additional deposits, cautioning that such deposits during the transition may lead to permanent loss.

Although no specific deadline for withdrawals has been set after the trading suspension, users are encouraged  to withdraw their funds at their earliest convenience.

The recommendation to withdraw funds  comes with a caution that liquidators may set a future deadline for withdrawals. Additionally, Bittrex Global’s Referral Program is set to conclude, with rewards from trades executed up to November 19 expected to be paid.

Fortify Your Crypto: Strategies to Safeguard Your Digital Assets

Investing in cryptocurrencies has become increasingly popular, with more people entering the market for digital or virtual currencies that rely on cryptography for secure financial transactions. However, recent events have underscored the importance of safeguarding crypto investments to prevent losses, prompting calls for enhanced financial regulations for alternative currencies.

Hot Vs. Cold Storage

In the cryptocurrency realm, cold storage refers to keeping your cryptocurrency offline, typically stored on a USB or other hardware wallet ledger device. The advantage of cold storage is that your cryptocurrency is entirely under your control. These wallets store your private keys offline, providing protection against potential cyber threats.

The primary disadvantage of cold storage is the risk of losing your funds if you misplace the physical item. Ensuring the security of your private keys is vital, and it’s advisable to avoid storing them on digital devices susceptible to hacking, such as cloud storage or mobile phones.

Hot storage involves storing your cryptocurrency on an application or platform connected to the internet. Crypto investors using platforms like Coinbase, Binance, or Bittrex typically opt for hot storage.

The advantage of hot storage is its ease of use and accessibility. However, the major drawback, as illustrated by recent bankruptcies, is that funds stored in hot storage may become essentially inaccessible or lost.

It’s not possible to store the same cryptocurrency in both hot and cold storage. However, you could choose to distribute your current holdings between the two storage methods for added security.

Transferring Assets to Another Exchange

Early on, the US and other countries regulated cryptocurrency exchanges as money transmitters similar to MoneyGram. The current challenge lies in definitional uncertainty.

If Congress aligns with the SEC in categorizing cryptocurrencies as securities, it could lead to these exchanges being regulated similarly to traditional financial institutions like Morgan Stanley. This regulatory clarity could enhance public confidence.

Beyond issues like bankrupt exchanges and memecoins, countries globally are exploring Central Bank Digital Currencies (CBDCs), with developments tracked on the Atlantic Council’s website.

Despite challenges and ongoing fluctuations, digital currencies are likely here to stay. Investors are advised to conduct thorough research, exercise extra diligence to protect their investments, and avoid committing resources they can’t afford to lose.

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