Cryptocurrency trading platform Bittrex is expected to resume customer withdrawals on June 15, according to an order from a Delaware bankruptcy court judge. The decision does not address the issue of arbitration of the US government's claims, which has led to oppos ition to its plans.
“Dissents to the motion, if any, have been withdrawn, resolved or denied on the merits,” Judge Brendan Shannon's June 13 order read. It goes on to state that nothing in the motion or order constitutes a conclusion as to whether crypto assets, or transactions with them, are securities.
The Order Also Made Clear that It will not determine the priority of Creditors or Prohibit the us From recovering assets if they are not paid in Full. TTREX's Largragest Creditor is the us treasury department's office of fireign assets Control (ofac), Which Owes it $24 million. The platform is expected to be fully operational by 3:00 pm ET (7:00 UTC) on June 15, Maria said.
Seattle-based Bittrex announced its intention to wind down its US operations by the end of April. It declared bankruptcy in May after the SEC sued the exchange for unregistered securities trading. All of this comes after OFAC and Treasury's Financial Crimes Enforcement Network (FinCEN) assessed fines of $24 million and $29 million, respectively, for violating sanctions against Crimea, Cuba, Iran, Sudan and Syria. The exchange received $5 million worth of credit from FinCEN at the time and $24 million worth of credit from OFAC.
The US Department of Justice has opposed Bittrex's plan to reimburse customers, putting government claims on the back burner.
