Bittrex used to be a major player in the US cryptocurrency market, with over 20% of US market share in 2018. However, the exchange's dominance had dwindled to below 1% as of 2021.
After paying a then-record $29 million fine for sanctions violations in October 2022, shutting down US operations in March 2023, filing for bankruptcy in May, and paying $24 million to settle a lawsuit from the US SEC in August, Bittrex is finally throwing in the towel. The company announced that it was closing its global operations, and urged customers to withdraw funds stored with the exchange within only two weeks. The also informed customers who held US dollars on the exchange that they would not be allowed to withdraw, and would have to convert their dollars to Euros or cryptocurrency.