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Bittrex has reassured its users that all funds and tokens on the platform remain secure and can be withdrawn.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.
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.