I've been with Bittrex since 2018. It's just a bit of nostalgia.

Let's be honest here. Was anyone really using it? Their service was pretty bad – super high fees and customer service that was basically non-existent. So, it's not surprising they made this tough decision. Times has changed, and we've got alternatives now. To stay in the game, you've got to offer quality service without charging crazy fees. That's just how it is.

I think Bittrex is a United States based cryptocurrency exchange? The last time I knew about what was going on about them is just the regulations in United States that are not favoring crypto organizations in United States, especially the crypto exchanges. United States is becoming something else to crypto exchanges and many of them will noot be able to survive United States crypto regulatory environment.

Yes, This was largest exchange in the US but in 2021 their market shares crumbles below 1% in 2021 which was big blow to this exchange. source  Every exchange working under US regulator is in high risk and exchanges will face same issue like Binance US, Bittrex and many others. US regulatory team is not favoring Crypto exchange and might be they thinking of ETF which will not be totally decentralized like crypto exchange.

I haven't used this exchange as it was not allowed to do kyc in our country. I hope no one lost in this exchange as they allow customer to withdraw fund which is honest decision.

---

Looks like crypto winter is not over yet for some businesses.

At least they are not performing an exit scam or catastrophically imploded like FTX. So their reputation is at least preserved.


I'd like to think high fees were the reason that they went bust, but if that were true, then we'd have exchanges like Binance closing up shop a long time ago. So I'm not really sure.

I think Bittrex US took the right decision of shutting down having been in a business environment where  exchange regulatory policies are harsh to the teeth. It didn't come as a surprise when I first read about the news, they had before now expressed interest of leaving the US after they were charged to court by the SEC some months ago for operating as an unregistered exchange.

On the other hand, the window given for withdrawal of funds to me is a short one and should have been at least by the end of Dec, 2023, the Dec, 4th 2023 rather interprets how much they are in a hurry to leave the US and, I can't blame them for that.

Binance is no exception to this, who knows it may bite dust too. But Binance made more income revenues apart from the exchange platform so that maybe the difference with the exchanges that went bankrupt, but still not your keys not your cryptos.

I also received a notification from Coindesk today and yeah it's the end of an era and hope this crypto winter ends soon.

They are making a lot of BTC from this.
Probally more than they ever will remaining in operation.
All those old locked accounts that couldn't get verified from pre kyc days.
All those dust account.Inactive accounts. People that died or got incarcerated ECT.
Remember you don't set up beneficiaries and stuff with these accounts so they just treat it as unclaimed property
Theres still millions unclaimed in us accounts. (Deadlines past due)
But then again I don't really remember what started this downfall they may be up to their neck in fines and stuff, idk.

Could they possibly make more money from inactive accounts after winding down, than they would have made if they are still operating, this is a very strong claim. I know every centralized service that winds down, would surely have accounts that cannot withdraw their funds and the service would probably claim it, but does the amount really sum up to something substantial? There is no way to even be sure it does if you agree to that.

There is currently no deadline on Bittrex withdrawals and i believe so many people who haven't used the exchange for a long time would try to log in and withdraw what they have remaining there after receiving the email, except it is dust that is below the minimum withdrawal.

I remember having an account there way back 2018 , i rarely use them only for certain coins but i stop using them after they asked kyc in stupid way.
But yeah, it is unfortunately sad to see another exchange shutdowns due to regulatory compliance and with more diferent reasons.

It was the Binance before Binance came, but I think Bittrex had a better reputation than Binance during its peak. It helped that it was a US company, although it eventually shut down its US operation and left the country due to a hostile regulatory environment.


I was also a bit emotional upon reading the news. It's not because another centralized exchange is about to die; it was because Bittrex played a central role in my newbie years. Although I ditched it a long time ago, the news evoked some nostalgia. One of my largest Bitcoin purchases in those early years was made there. And I also made some nice money with the platform. I can still remember those years when admission to the exchange more or less means the project has some potential or legit. And listing there is almost always followed by a strong pump. Bittrex wasn't as cheap as the likes of HitBTC back then. For an altcoin to make it to Bittrex means a lot.