There has been a remarkable development in the crypto money community. Bittrex, one of the oldest cryptocurrency exchanges in the world, has filed for bankruptcy. The stock market, which has been in trouble for a while, seems to have failed to overcome the difficulties it faced.
Bittrex has been dealing with the US Securities and Exchange Commission (SEC) for some time. According to the investigation opened by the SEC, the stock market violated the relevant rules between 2017 and 2022 and earned a full $1.3 billion in unfair profits. While in the shadow of all these discussions, Bittrex decided to cease operations in the USA at the end of April. The point we have reached today reveals that the end of the road has been reached for Bittrex, which has already been shaken for a while.
What will happen to the investor?
The SEC is pretty angry with Bittrex. According to the institution’s statement, Bittrex was acting as an intermediary and working as a clearing exchange. This meant that the exchange had to register with the SEC, but no such move came from the exchange. This claim caused the stock market to enter a shaky period. And at the point we came to, he took the stock market into bankruptcy…
Bittrex went through a so-called “section 11” method of bankruptcy. This bankruptcy method also enables the stock market to restructure its debts and to serve as before. However, the confidence of the investor is now lost. As a result, Bittrex will continue to serve globally, but will not receive the same attention as before. It is worth remembering that the stock market was one of the platforms with the largest volume in the period of 2017-2018.
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