Over the past few months, American regulators have focused their attention on Bittrex, alleging non-compliance with anti-money laundering protocols and investor protection regulations. At the start of May, the company filed for bankruptcy, assuring its clients that their funds were secure and protected.
According to CoinDesk, Bittrex’s American division will facilitate the withdrawal requests of its customers on June 15, following the approval of US District Judge Shannon, who granted the company authorization to take all necessary measures to implement the granted relief.
The US government had previously objected to the exchange’s proposal to reimburse its customers, deeming the request as “premature.”
Bittrex’s actual difficulties began in the fall of last year when US regulatory agencies imposed a fine of $53 million on the company for purportedly breaching anti-money laundering legislation.
As a result of regulatory scrutiny, the platform was compelled to halt its operations in the United States by the end of March, while also assuring its users that their funds were secure and readily available for withdrawal.
The company’s challenges persisted as it received a Wells Notice from the US Securities and Exchange Commission in mid-April, alleging that it had violated laws pertaining to investor protection.
Bittrex filed for Chapter 11 bankruptcy protection a few weeks later, which pertained to its US and Maltese subsidiaries. However, the filing did not have any impact on Bittrex Global.
According to CryptoPotato, Bittrex’s American division will allow its customers to withdraw their funds this week.
#Bittrex # Withdrawals #Regulation #US
