Bittrex Finally Files for Chapter 11 Bankruptcy After Many Struggling
I know it's a tough decision for Bittrex after what the crypto exchanges went through, honestly it was a pity for such small company, a 82nd largest digital crypto exchange with little trading volume of $5 million to filed for bankruptcy after its tough environment and several accused by Securities Exchange Commission.
I never thought this is going to happen to this seattle-based crypto exchange just a week after the SEC accused the exchange brings in an illicit revenue of $1.3 billion. But if I looked deep into this bankruptcy filing, SEC was the major problem that lead the small crypto company into this tough decision. The regulatory bodies has hit crypto companies in united states with much fines claiming they're offering securities, and I will say since the day they started mentioning securities, SEC never open light on what exactly make a program or assets a securities.
They thought they are protecting customers in united states but honestly they are the one given headache that affect the customers., SEC chairman Gary Gensler open mouth saying all digital assets are securities except Bitcoin is a bullshit.
Okay asking you Gary, what makes an assets securities, 🤔No replies
When SEC comes with criminal complaint I already know they wanted to wind down the operation of such business, yes it's not a surprise Coinbase, Binance, kraken and others suffered from this, same alleged Bittrex for not comply with securities law, failed to register as a broker-dealer. In fact a year again they also came after Bittrex and the crypto company agreed with $29 million to settle for SEC sanctions for offering trade to Cuba, Iran.
However, Bittrex had labilities in the range of $500 million to $1 billion with over 100,000 creditors. Which I will say filing for bankruptcy is a tough decision, but I think late in March Bittrex wanted to wind down US operation due to current US enforcement on Crypto exchanges.
Oh they know the company is going out of US then they come in with another accusations a week ago. Well I hope Bittrex should come over this and make a good brand again.
Thanks for your attention
It is a clear sign the US might lose it is ground toward innovation. With a debt ceiling of over 32 trillion dollars, a debt that it will never pay back.