Bittrex
| Industry | Cryptocurrency Exchange |
| Founded | 2014 |
| Defunct | April 30, 2023 (U.S. Operations), December 4, 2023 (Global Operations) |
| Website | https://bittrex.com/ |
Bittrex was a prominent cryptocurrency exchange platform recognized for its security protocols, regulatory adherence, and a vast selection of digital assets for trading.
History
Established in 2014 by former Microsoft cybersecurity engineers Bill Shihara, Rami Kawach, and Richie Lai, Bittrex aimed to create a secure trading environment for cryptocurrencies. The platform gained traction by using cold storage for user funds and offering trading for a wide range of cryptocurrencies, even niche altcoins.
Features
Bittrex used a maker/taker fee model where Bittrex fees decrease as a user’s 30-day trading volume increases, providing incentives for liquidity.[1] This provided lower trading fees than average, which was popular among high-volume traders.
Closure of U.S. Operations: Bittrex shut down its U.S. operations on April 30, 2023, due to regulatory challenges and an uncertain legal environment in the USA. Customers were allowed to withdraw their funds until this date.
Shutdown of Global Operations: Following the U.S. closure, Bittrex Global, which catered to international users, also decided to wind down its operations. Trading was halted on December 4, 2023, after which only withdrawals were permitted. This decision was influenced by the regulatory actions and the overall market conditions affecting cryptocurrency exchanges.
Legacy
Bittrex left a notable mark on the crypto trading landscape by emphasizing security and regulatory compliance. Even though its operations have ceased, its approach to exchange management has set benchmarks for others in the industry.
External Links
- [Bittrex Official Website](https://bittrex.com/)