Frequently Asked Questions in Regard to the Upcoming Conversion of USD to USDT

As previously announced, any USD holdings remaining on the platform following the Trading Suspension on 4 December 2023 will be converted 1:1 into a stablecoin (USDT), and available for withdrawal in the usual way, subject to the Terms of Service and applicable law. Bittrex Global will cover all fees associated with the conversion.

Please see the section below for additional questions that may arise during this process.

Questions:

When will my USD be converted into crypto and will it be immediately available for withdrawal?

Once trading has ceased on 4 December at 1800 UTC, any USD funds remaining in your account will be converted 1:1 into the cryptocurrency stablecoin USDT (Tether). During this process, you will see a notice stating that USD is "Offline for USDT Conversion." This process may take some time but should be complete within 48 hours. Once the process is completed, this notice will be removed, and your previous balance of USD will be reflected in USDT, which will be available for withdrawal in the usual manner.

Will I be charged transaction fees for the conversion?

No, you will not be charged transaction fees for the conversion. Bittrex Global will convert your funds 1:1 to USDT and will cover all fees associated with the conversion.

I can’t see my USD balance anymore, where did my funds go?

During the conversion process, your USD balance will show as 0 while we perform the necessary actions to convert the coins. A notice reading “Offline for USDT conversion” will also appear. Once this process has been completed, your previous balance in USD will be reflected in your USDT balance. Please be patient as this conversion may take some time.

How can I withdraw my USDT once it has been converted?

First, you will need to ensure that you have a wallet for USDT set up at another exchange or wallet provider to be able to withdraw these funds. Bittrex Global supports USDT on the Ethereum network (ERC-20). Please ensure that your receiving wallet allows deposits for USDT on Ethereum. You may then review this article for detailed instructions on how to withdraw once you have done so.

What if the amount of USDT I receive is less than the minimum withdrawal amount for USDT?

The minimum withdrawal amount for USDT is 8 USDT plus one Satoshi (this value may change depending on network conditions). Unfortunately, if your holdings do not meet the minimum withdrawal size, there is nothing further we can do to assist.

Is the conversion a taxable event?

We suggest you reach out to a tax professional in your jurisdiction.