Bittrex’s attempt to return customer funds has met with a significant roadblock from the United States, sparking concerns about the proposed resolution for the crypto exchange’s bankruptcy case.
The firm filed for Chapter 11 bankruptcy protection in Delaware in May, less than a month after the US Securities and Exchange Commission (SEC) charged it with operating an unregistered exchange. Two other divisions – Bittrex Malta Ltd. and Bittrex Malta Holdings Ltd. – also filed for bankruptcy protection in the US Bankruptcy Court for the District of Delaware.
The company’s crypto arm is accused of violating federal laws, including the Bank Secrecy Act, and doing business with foreign nationals in sanctioned nations.
US Government’s Objection Grounds
The US government objecting to Bittrex’s proposal that seeks to compensate the customer is another major blow and is perceived as a coordinated attempt to maim the industry without actually protecting investors.
In fact, the state h
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