Bittrex Inc. filed Chapter 11 bankruptcy in Delaware, while Bittrex Global, its parent company will continue to operate outside of the United States. The exchange had announced in early April that it would be closing its U.S. operation. The U.S. Securities and Exchange Commission had sent a Wells Notice to the company by mid-month.

The SEC took enforcement action on April 17, 2023 against the exchange for operating as an unregistered clearing agency, broker, and exchange. also classified ALGO, DASH , and OMG in the lawsuit as ‘unregistered security’. Randall Reese, from Chapter 11 Dockets recently revealed the crypto platform had 100,000 creditors. Omni Agent Solutions has been hired to send regular emails and updates on the website.

Bittrex’s Chapter 11 filing shows assets and liabilities between $500 million and $1 billion. Bittrex Global has also filed for bankruptcy with its two other subsidiaries: Bittrex Malta Holdings Ltd. Customers in the United States who have used the crypto exchange are instructed to withdraw funds by April 30.

It is not clear who the largest creditors of the company are or how long the case may last. Bittrex Inc. of Seattle issued a statement in response to the current situation at 6:30 pm (ET).

Bittrex announced: ‘Having already announced that Bittrex, Inc. will cease all operations in the U.S. as of April 30th, Bittrex has now decided to file Chapter 11 bankruptcy at federal court in Delaware’. Bittrex Global will continue to operate as usual for customers outside of the U.S. This announcement has no impact on Bittrex Global.