Important Information for Bittrex Global Bermuda Customers

Why did Bittrex Global Bermuda decide to go into liquidation?

In November 2023, Bittrex Global announced its decision to wind down operations. See full statement here. As part of our commitment to ensuring an orderly wind down, now is the most appropriate time to hand over to third-party provisional liquidators under a court supervised process to oversee the company’s dissolution.

Why does this only apply to Bittrex Global Bermuda and not Bittrex Global Liechtenstein?

Bittrex Global is registered and regulated as separate companies in Bermuda and Liechtenstein. Different legal requirements apply in those two jurisdictions, and so the precise manner in which the wind-down of the companies takes place differs. Completing the wind-down in Bermuda requires handing over to a third-party liquidator who will oversee the wind-down and help ensure that all assets are distributed as quickly and efficiently as possible.

How do I know if I hold my account with Bittrex Global Bermuda or Bittrex Global Liechtenstein?

Log-in to your account, click on the down arrow next to your email at the top-right of the page, and click on 'Account Settings'. You will be taken directly to the 'My Profile' page. This page lists account specific details, such as your name, and username. You will see which entity your account is associated with under 'Exchange'.

How does this affect Liechtenstein customers?

This only applies to users of Bittrex Global Bermuda.

Why did you appoint Grant Thornton?

Grant Thornton is one of the world’s leading providers of liquidation and restructuring solutions. We have every confidence that they’re the best people for the job and have applied to the Supreme Court of Bermuda Court to appoint three individuals from that firm accordingly.

Who has been appointed from Grant Thornton?

The court application nominates Margot MacInnis, Andrew Howie, and Carmel King to be appointed as joint provisional liquidators of Bittrex Global Bermuda.

When will the liquidation period end and what happens then?

The timeline for the liquidation process is estimated to be approximately 5 months.

The most important point we would like to draw attention to at this stage is that withdrawals are expected to be paused in the coming days, once the provisional liquidators are in place. It is expected that they will resume some time thereafter, but this will be determined by the above-named individuals from Grant Thornton acting as joint provisional liquidators and not by Bittrex Global and you could be unable to withdraw for weeks or longer.

So far, nearly 85% of assets have been successfully returned as part of the wind down process. Our priority is to ensure that all users withdraw their funds as soon as possible.

How are Bittrex Global users impacted by this news? Are their funds safe?

The appointment of Grant Thornton does not place any user funds at risk, and in fact the point of handing over to independent court supervised provisional liquidators is to ensure the efficient and just wind-down of Bittrex Global and expeditious distributions.

Remaining users of Bittrex Global Bermuda are actively being encouraged to withdraw their funds prior to the appointment of the joint provisional liquidators in the coming days to avoid any delays in the distribution of funds.

Didn’t Bittrex / Bittrex Global already announce that it was closing down last year?

Yes. Bittrex U.S. and Bittrex Global, two separate entities, both announced that they intended to shut down in 2023.

Bittrex U.S. operated in the U.S. until it announced in March 2023 that it was winding down operations citing regulatory uncertainty.

Separately, in November 2023, Bittrex Global made the decision to wind down its operations. The appointment of Grant Thornton is an important step in this process.

What is the difference between Bittrex and Bittrex Global — are they not the same company?

Bittrex U.S. and Bittrex Global are legally and operationally distinct.

Bittrex, Inc. (known as Bittrex U.S.), served U.S. customers until it ceased operations last year. Bittrex Global was launched to serve customers outside the U.S.

Is Bittrex Global Bermuda bankrupt?

No. Bittrex Global Bermuda is not bankrupt or insolvent; the application to appoint joint provisional liquidators is entirely voluntary and on a solvent basis. The appointment of an independent, third-party provisional liquidator at this stage under a court supervised wind-down is a visible commitment of Bittrex Global Bermuda to doing things the right way and ensuring independent oversight in the process of returning the final remaining assets and orderly winding up the company.

Which Customers will be affected by this news?

Customers with a balance who have completed the Know Your Customer (KYC) verification process and accepted the latest Terms of Service can login to their account and withdraw remaining assets and download their order history. Customers that have not completed their KYC verification or accepted the latest Terms of Service will be given the option to do so upon log-in.

Customers without a balance will be able to log in to their accounts and download their account history. No additional account features will be available. While Bittrex Global does not provide tax advice, we note that you should retain a copy of your account history even if you do not currently have a balance for tax reporting purposes.

When will I be able to withdraw my funds?

Currently withdrawals are enabled, and we strongly encourage you to log in and withdraw your funds. In the coming days, withdrawals are expected to be paused once the provisional liquidators are appointed. The withdrawals may be paused for weeks or months.

I am having trouble accessing my account, what resources are available to help?

Please see these articles for troubleshooting tips:

• Log-In Issues
• Issues with Two-Factor Authentication

How can I withdraw?

Please see the following articles for detailed instructions on how to withdraw:

• Cryptocurrency
• Euros