TechFlow news — On June 14, Bittrex US, the American branch of cryptocurrency exchange Bittrex, will open customer withdrawals on Thursday. This decision follows a ruling from the Delaware bankruptcy court. The exchange filed for bankruptcy in May, and its legal application to allow customers access to their assets was opposed by the U.S. government, which claims the company owes millions of dollars due to sanctions violations.
In Tuesday's ruling, Judge Brendan Shannon authorized Bittrex US and its affiliated companies to allow customers holding uncontested, non-contingent, and liquidated claims to withdraw cryptocurrency and fiat currency. The ruling does not determine ownership of the assets, nor does it establish whether customer claims take priority over those of the government, and clawbacks may still occur in the future.
Lawyers representing Bittrex told CoinDesk that the platform will initiate withdrawals this Thursday. Although the exchange announced plans in March to shut down its U.S. operations, after processing millions of dollars in withdrawals, the division filed for bankruptcy on May 8. As of May 10, the company stated its U.S. operations held $300 million in customer cash and cryptocurrency. While bankruptcy proceedings typically freeze transactions, the company expressed its intention for customers to recover their funds without prolonged litigation.
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