Following a bankruptcy that shook the cryptocurrency market, Bittrex US, the US arm of the leading cryptocurrency exchange Bittrex, has announced that it will initiate withdrawal services for its customers, based on the decision given by the Delaware Bankruptcy Court.
“Withdrawal Transactions to Restart on June 15th”
The cryptocurrency exchange Bittrex, which shocked the world of cryptocurrency with its bankruptcy filing in May, had encountered the objection of the US government, claiming it owed millions for sanction violations, to its proposal presented to the court to enable customers to access their assets.
Judge Brendan Shannon, overseeing the bankruptcy case, granted Bittrex US and its affiliates the authority to allow customers who have undisputed, unconditional, and liquidated receivables to withdraw their cryptocurrencies and fiat currencies from the exchange on June 13th.
The decision will not be dependent on the condition of the legal ownership of said assets or the fulfillment of customer requests in accordance with government demands.
Patty Tomasco, a partner at the law firm Quinn Emmanuel, representing Bittrex in the bankruptcy case, stated in an email sent to CoinDesk after the court decision that the exchange would be ready and operational to start withdrawal transactions from June 15th.
“Filed for Bankruptcy on May 8th”
Following its announcement in March that it planned to suspend its operations in the US in April, Bittrex faced millions of dollars of withdrawal requests in fiat and cryptocurrency from its customers, and it was unable to fulfill most of these requests. Consequently, the US arm of the cryptocurrency exchange filed for bankruptcy on May 8th.
The cryptocurrency exchange announced on May 10th that it held $300 million in cash and cryptocurrency owned by its customers at its US branch. While Bittrex’s initiated bankruptcy proceedings encompassed the suspension of regular operations, the cryptocurrency exchange repeatedly defended that it wanted its customers to be able to access their money without facing prolonged lawsuit processes.
