Bittrex has filed for Chapter 11 chapter protection in the U.S., weeks after an enforcement action from the Securities and Alternate Fee (SEC).

In a press liberate shared on Monday, Bittrex announced that it had filed for chapter in a federal court docket in Delaware. The crypto commerce acknowledged the type would now now not impact any of its business outdoors the U.S., which falls below the umbrella of Bittrex World.

The resolution comes after the commerce ceased all U.S.-basically based operations on April 30.

“For those prospects who did now now not withdraw their funds from the platform earlier than the tip of April, your funds stay stable and stable, and our necessary priority is to be sure that that our prospects are made complete,” acknowledged Bittrex.

The company additionally faces a lawsuit from the SEC alleging that the Bittrex operated an unregistered securities commerce. Within the the same lawsuit, the regulator further claimed that Bittrex CEO William Shihara coordinated with token issuers to delete public statements that might well perhaps delivery them as much as an investigation.

Bittrex estimates that it has more than 100,000 collectors and between $500 million and $1 billion in both sources and liabilities, per the company’s chapter submitting.

Bittrex chapter filings listing more than $500 million in both sources and liabilities, and more than 100,000 collectors pic.twitter.com/eBn2Q5yiem

— Randall G. Reese (@Chapter11Cases) Might presumably presumably perhaps 8, 2023

The submitting additionally lists the commerce’s high 50 collectors, with the very absolute top one being the U.S. Treasury’s Division of  Office of Distant places Asset Absorb watch over (OFAC). Bittrex owes the company $24 million referring to a settlement referring to the commerce’s alleged sanctions violations. The SEC is additionally integrated on this listing of collectors with a claim quantity that is easy yet to make certain amid the upcoming litigation charges and fines that can likely regulate to.

Many of the quite quite a lot of tremendous unsecured collectors are prospects of the commerce whose names were withheld, though their wallet addresses are displayed in the submitting. As a minimum 17 prospects believe an unsecured claim of more than $1 million on Bittrex.