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Important Update: Bittrex ceased all operations in December 2023. The U.S. arm filed for Chapter 11 bankruptcy in May 2023, and Bittrex Global shut down shortly after. This review is preserved for historical reference and to help former Bittrex users find suitable alternatives.
Bittrex was once one of the most respected cryptocurrency exchanges in the United States, known for its strong security infrastructure and wide selection of altcoins. Founded in 2014 by three former Microsoft and Amazon security engineers, the platform built a reputation as a go-to exchange for serious crypto traders. However, a series of regulatory actions, including SEC charges, FinCEN penalties, and OFAC sanctions violations, led to its bankruptcy filing in May 2023 and complete shutdown by December 2023. This comprehensive Bittrex review covers the exchange's history, what went wrong, how users recovered funds, and the best alternatives available today.
Bittrex at a Glance: Key Facts
| Feature | Details |
|---|---|
| Founded | 2014 |
| Headquarters | Seattle, Washington, USA |
| Founders | Bill Shihara (CEO), Richie Lai (CIO), Rami Kawach (CTO) |
| Supported Cryptocurrencies | 250+ at peak |
| Trading Pairs | 284+ at peak |
| Trading Fee (Maker/Taker) | 0.25% / 0.25% (flat); volume discounts available |
| Security Features | 2FA, cold storage, IP whitelisting, $300M insurance |
| Regulatory Status | Shut down; Chapter 11 bankruptcy filed May 8, 2023 |
| Global Arm | Bittrex Global (Liechtenstein) - shut down December 4, 2023 |
| Current Status | Fully defunct as of December 2023 |
What Was Bittrex? A Historical Overview
Bittrex was a U.S.-based cryptocurrency exchange founded in 2014 by Bill Shihara, Richie Lai, and Rami Kawach. All three co-founders came from security backgrounds at Microsoft and Amazon, which shaped the platform's security-first approach to crypto trading. The exchange was headquartered in Seattle, Washington, and quickly grew to become one of the top cryptocurrency exchanges in the United States during the 2017-2018 crypto boom.
At its peak, Bittrex offered trading in over 250 cryptocurrencies across 284 trading pairs, making it one of the most diverse exchanges for altcoin trading. The platform supported Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD trading markets, giving traders multiple base pairs for their transactions. Bittrex was particularly popular among experienced traders who valued its wide altcoin selection and robust security measures over a polished user interface.
In 2018, Bittrex launched Bittrex Global, a separate entity based in Liechtenstein, to serve international customers. Bittrex Global operated under European regulatory frameworks and extended the exchange's reach to users outside the United States. Both entities shared the same technology platform but operated as distinct legal entities, a structure that would become significant during the later bankruptcy proceedings.
Founders and Security Pedigree
The founding team's security credentials were a key differentiator for Bittrex. Bill Shihara served as CEO and had previously worked as a security engineer at both Microsoft and Amazon. Richie Lai, the Chief Information Officer, and Rami Kawach, the Chief Technology Officer, brought similar enterprise security backgrounds. This expertise translated into what was, at the time, considered one of the most secure exchange architectures in the cryptocurrency industry.
Bittrex Features and Services (Historical)
Before its shutdown, Bittrex offered a range of trading features that made it competitive with other major exchanges. Understanding what the platform provided helps former users identify equivalent features on alternative exchanges.
Trading Features
Bittrex supported spot trading with multiple order types including market orders, limit orders, stop-loss orders, and conditional orders. The exchange provided a proprietary trading engine capable of handling high transaction volumes, which was critical during periods of market volatility. The platform also offered an API for algorithmic traders, supporting both REST and WebSocket connections for real-time data streaming.
Security Infrastructure
Security was Bittrex's strongest selling point. The exchange employed two-factor authentication (2FA), IP address whitelisting, and wallet address whitelisting to protect user accounts. The platform stored the vast majority of customer funds in cold storage (offline wallets), with only a small percentage kept in hot wallets for liquidity purposes. Bittrex also maintained a digital asset insurance policy covering up to $300 million, providing an additional layer of protection against potential breaches or theft.
Bittrex Fee Structure (Historical)
| 30-Day Volume (USD) | Maker Fee | Taker Fee |
|---|---|---|
| $0 - $25,000 | 0.25% | 0.25% |
| $25,000 - $50,000 | 0.16% | 0.26% |
| $50,000 - $200,000 | 0.12% | 0.20% |
| $200,000 - $500,000 | 0.08% | 0.15% |
| $500,000 - $2,500,000 | 0.04% | 0.10% |
| $2,500,000+ | 0.02% | 0.08% |
Bittrex charged a flat 0.25% fee for both makers and takers at the base tier, which was relatively high compared to competitors like Binance (0.10%) and Kraken (0.16%/0.26%). Higher-volume traders could access reduced fees through the volume-based tier system. Deposits were free for cryptocurrency, while withdrawal fees varied by token and were generally in line with network transaction costs.
What Happened to Bittrex? A Complete Timeline
The collapse of Bittrex did not happen overnight. It was the result of years of accumulating regulatory issues, declining market share, and an increasingly hostile regulatory environment for U.S.-based crypto exchanges. Below is a detailed timeline of the key events that led to Bittrex's demise.
| Date | Event | Significance |
|---|---|---|
| February 2014 | Bittrex founded by Shihara, Lai, and Kawach | Launched with security-first approach |
| 2017-2018 | Peak trading volume during crypto boom | Became a top-10 global exchange |
| 2018 | Bittrex Global launched in Liechtenstein | International expansion |
| March 2014 - December 2017 | Period of OFAC sanctions violations | Users from Cuba, Iran, Syria, Crimea, Sudan accessed platform |
| October 11, 2022 | FinCEN and OFAC enforcement actions | $29.3 million combined penalty for BSA and sanctions violations |
| March 31, 2023 | Bittrex announces U.S. operations winding down | Cited unclear regulatory environment |
| April 17, 2023 | SEC charges Bittrex and CEO Shihara | Charged with operating unregistered exchange, broker, clearing agency |
| May 8, 2023 | Chapter 11 bankruptcy filed (Delaware) | U.S. entity enters bankruptcy protection |
| August 2023 | SEC settlement reached for $24 million | Resolved $1.3 billion enforcement action |
| October 30, 2023 | Bankruptcy court approves U.S. wind-down | Formal approval to cease U.S. operations |
| November 20, 2023 | Bittrex Global announces shutdown | All trading to cease December 4, 2023 |
| December 4, 2023 | Bittrex Global trading disabled | Withdrawal-only mode activated |
| 2024 | Bankruptcy case closure approved | $3.4 million reserved for disputed Iranian customer claims |
The FinCEN and OFAC Penalties (October 2022)
The first major regulatory blow came in October 2022 when the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) announced a combined $29.3 million enforcement action against Bittrex. This was OFAC's first-ever enforcement action against a cryptocurrency company.
The charges stemmed from Bittrex's failure to prevent users located in sanctioned jurisdictions, including the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria, from accessing and using the platform between March 2014 and December 2017. FinCEN found that Bittrex had willfully violated the Bank Secrecy Act (BSA) by failing to maintain an adequate Anti-Money Laundering (AML) program and by failing to file Suspicious Activity Reports (SARs). The investigation revealed that Bittrex's failures created exposure to high-risk counterparties including sanctioned jurisdictions, darknet markets, and ransomware attackers.
The SEC Charges (April 2023)
On April 17, 2023, the Securities and Exchange Commission charged Bittrex, Inc. and co-founder William Shihara with operating an unregistered national securities exchange, broker, and clearing agency. The SEC also charged Bittrex Global (the Liechtenstein-based entity) in the same action. The complaint alleged that Bittrex had earned at least $1.3 billion in revenues from 2017 through 2022 while failing to register with the SEC.
According to the SEC, Shihara had specifically directed token issuers to remove certain statements from their public channels that might lead regulators to view their tokens as securities, effectively coaching them on how to avoid regulatory scrutiny. This allegation was particularly damaging as it suggested deliberate evasion rather than mere oversight.
The Bankruptcy Filing (May 2023)
Just three weeks after the SEC charges, on May 8, 2023, Bittrex, Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Delaware. The filing covered the U.S. operations only; Bittrex Global initially continued to operate. In its bankruptcy statement, Bittrex noted that it had resolved the SEC's alleged $1.3 billion enforcement action for $24 million, a significant reduction but still a substantial sum for the struggling exchange.
The Final Shutdown (December 2023)
On November 20, 2023, Bittrex Global announced that it would wind down all remaining operations. Trading was suspended on December 4, 2023, with the platform entering withdrawal-only mode. While no firm deadline was initially set for final withdrawals from Bittrex Global, users were urged to remove their funds as soon as possible. The bankruptcy court approved the U.S. wind-down plan on October 30, 2023, and the case moved toward closure in 2024, with the court ordering $3.4 million to be set aside for disputed claims from four Iranian customers.
Bittrex Pros and Cons (Historical Assessment)
| Pros | Cons |
|---|---|
| Strong security infrastructure (2FA, cold storage, $300M insurance) | Higher base fees than competitors (0.25% flat) |
| Wide selection of 250+ altcoins | Complex, outdated user interface |
| Founders with deep security expertise (Microsoft, Amazon) | Poor customer support (low Trustpilot ratings) |
| Multiple order types for advanced traders | History of freezing accounts without clear explanation |
| Robust API for algorithmic trading | No margin or futures trading |
| USD fiat on-ramp supported | Regulatory violations (OFAC, FinCEN, SEC) |
| Volume-based fee discounts | Now completely defunct |
Recovering Funds From Bittrex
If you still have funds stuck on Bittrex, the situation depends on which entity held your account. For U.S. customers, the Chapter 11 bankruptcy process governed fund distributions. The bankruptcy court approved a wind-down plan that prioritized returning customer assets. Most U.S. customers were able to withdraw their funds during the bankruptcy process before the case closed.
For Bittrex Global customers, the exchange entered withdrawal-only mode after December 4, 2023. While no hard deadline was initially set, users who have not yet withdrawn their funds should attempt to contact the Bittrex Global support team or monitor any remaining communications from the company. In cases where funds cannot be recovered through normal channels, affected users may need to file claims through the bankruptcy court or seek legal counsel.
If you are unable to recover funds, consider consulting a lawyer who specializes in cryptocurrency bankruptcy cases. The Bittrex bankruptcy case is filed in the U.S. Bankruptcy Court for the District of Delaware and relevant filings are publicly accessible through PACER (Public Access to Court Electronic Records).
Best Bittrex Alternatives in 2025
With Bittrex no longer operational, former users need to find a new exchange. The best alternative depends on what you valued most about Bittrex: security, altcoin selection, low fees, or U.S. regulatory compliance. Below is a comprehensive comparison of the top alternatives.
| Exchange | Maker/Taker Fee | Cryptocurrencies | Key Strength | U.S. Available |
|---|---|---|---|---|
| Kraken | 0.16% / 0.26% | 250+ | Security, regulatory compliance, staking | Yes |
| Coinbase | 0.40% / 0.60% | 260+ | Beginner-friendly, publicly traded (NASDAQ), insured | Yes |
| Binance | 0.10% / 0.10% | 400+ | Lowest fees, largest selection, most liquidity | Limited (Binance.US) |
| Gemini | 0.20% / 0.40% | 100+ | SOC 2 certified security, regulated in NY | Yes |
| KuCoin | 0.10% / 0.10% | 800+ | Widest altcoin selection, low fees | Limited |
| Bitstamp | 0.30% / 0.40% | 80+ | Oldest exchange (2011), European regulated | Yes |
| Crypto.com | 0.075% / 0.075% | 350+ | Visa card rewards, broad ecosystem | Yes |
| OKX | 0.08% / 0.10% | 300+ | Advanced derivatives, Web3 wallet | No |
Kraken: Best Overall Bittrex Alternative
Kraken is the closest equivalent to what Bittrex offered. It is a U.S.-based exchange with a strong security track record, support for 250+ cryptocurrencies, and a focus on regulatory compliance. Kraken has never been hacked in its 13+ years of operation, offers proof-of-reserves audits, and provides both spot and futures trading. Fees start at 0.16% maker / 0.26% taker, which is lower than Bittrex's base rate. For former Bittrex users who valued security and altcoin diversity, Kraken is the most natural transition. Read our full Kraken review for more details.
Coinbase: Best for Beginners and U.S. Compliance
Coinbase is the largest cryptocurrency exchange in the United States and is publicly traded on NASDAQ (ticker: COIN). While its fees are higher than Bittrex's were, Coinbase offers unmatched regulatory transparency, FDIC insurance on USD balances up to $250,000, and a user-friendly interface suitable for beginners. Coinbase supports over 260 cryptocurrencies and offers staking, an NFT marketplace, and the Coinbase Wallet for self-custody. Read our full Coinbase review.
Binance: Best for Low Fees and Altcoin Selection
Binance is the world's largest cryptocurrency exchange by trading volume, offering the lowest base fees in the industry at 0.10% for both makers and takers (further reducible with BNB token). With over 400 supported cryptocurrencies, advanced charting tools, futures, margin trading, and staking, Binance offers significantly more features than Bittrex ever did. U.S. users should note that Binance operates a separate, more limited platform at Binance.US. Read our full Binance review.
Gemini: Best for Security-Focused Traders
Gemini is a New York-regulated exchange founded by the Winklevoss twins. It is SOC 2 Type 2 certified, meaning its security controls have been independently audited. Gemini offers insurance on digital assets held in its hot wallet and maintains a strong reputation for regulatory compliance. While its cryptocurrency selection (100+) is smaller than Bittrex's was, Gemini is an excellent choice for traders who prioritize security above all else.
KuCoin: Best for Altcoin Traders
If you chose Bittrex primarily for its wide altcoin selection, KuCoin is the strongest alternative. With over 800 supported cryptocurrencies, KuCoin offers one of the widest selections in the industry. Fees are competitive at 0.10% for both makers and takers. The platform also offers margin trading, futures, lending, and a built-in trading bot marketplace. Note that KuCoin has limited availability for U.S. users.
How Bittrex Compared to Competitors
| Feature | Bittrex (Historical) | Kraken | Coinbase | Binance |
|---|---|---|---|---|
| Status | Defunct (Dec 2023) | Active | Active | Active |
| Founded | 2014 | 2011 | 2012 | 2017 |
| Cryptocurrencies | 250+ | 250+ | 260+ | 400+ |
| Base Maker Fee | 0.25% | 0.16% | 0.40% | 0.10% |
| Base Taker Fee | 0.25% | 0.26% | 0.60% | 0.10% |
| Margin Trading | No | Yes (5x) | No | Yes (10x) |
| Futures Trading | No | Yes | Yes (limited) | Yes |
| Staking | Limited | Yes (15+ assets) | Yes (10+ assets) | Yes (100+ assets) |
| Mobile App | Yes | Yes | Yes | Yes |
| Insurance | $300M digital asset | Proof of reserves | FDIC on USD, crypto insurance | SAFU fund ($1B+) |
| U.S. Available | Was (now defunct) | Yes | Yes | Limited (Binance.US) |
Lessons From the Bittrex Collapse
The fall of Bittrex offers several important lessons for cryptocurrency investors and the broader industry.
Regulatory Compliance Is Not Optional
Bittrex's downfall was driven primarily by regulatory failures. The OFAC and FinCEN penalties for sanctions violations, followed by the SEC charges for operating as an unregistered securities exchange, created an insurmountable burden. The lesson is clear: exchanges that fail to maintain robust compliance programs face existential risks, regardless of their technical capabilities or security track record.
Diversify Across Exchanges
Bittrex's closure is a reminder to never keep all of your crypto assets on a single exchange. Distributing holdings across multiple reputable platforms, and using hardware wallets like Ledger or Trezor for long-term storage, reduces the risk of losing access to funds if any single platform shuts down.
Security Alone Is Not Enough
Bittrex was never hacked and maintained industry-leading security measures. Yet the exchange still failed. This demonstrates that security, while essential, is only one factor in an exchange's long-term viability. Regulatory standing, financial health, customer service, and adaptability to changing market conditions all play critical roles.
Frequently Asked Questions About Bittrex
Is Bittrex still open in 2025?
No, Bittrex is not open in 2025. Bittrex, Inc. (the U.S. entity) filed for Chapter 11 bankruptcy on May 8, 2023, and the bankruptcy court approved its wind-down on October 30, 2023. Bittrex Global ceased all trading on December 4, 2023. The exchange is fully defunct and no longer accepts new users, deposits, or trades.
What happened to my funds on Bittrex?
Most Bittrex users were able to withdraw their funds during the wind-down period. U.S. customers had their fund recovery managed through the Chapter 11 bankruptcy process, which prioritized returning customer assets. Bittrex Global users were given a withdrawal-only period after December 4, 2023. If you still have unclaimed funds, check the Bittrex website for any remaining withdrawal mechanisms or contact the bankruptcy trustee through the U.S. Bankruptcy Court for the District of Delaware.
Why did Bittrex shut down?
Bittrex shut down due to a combination of regulatory enforcement actions. In October 2022, FinCEN and OFAC imposed $29.3 million in penalties for Bank Secrecy Act violations and sanctions compliance failures. In April 2023, the SEC charged Bittrex with operating an unregistered securities exchange, broker, and clearing agency. These actions, combined with declining market share and an uncertain U.S. regulatory environment, made continued operations unsustainable.
How much did Bittrex pay in fines and settlements?
Bittrex paid approximately $53.3 million in total regulatory penalties. This includes the $29.3 million combined FinCEN/OFAC penalty (October 2022) for Bank Secrecy Act and sanctions violations, and the $24 million SEC settlement (August 2023) for operating as an unregistered exchange. The SEC had originally sought enforcement related to $1.3 billion in revenues, so the $24 million settlement represented a significant reduction.
What is the best alternative to Bittrex?
Kraken is widely considered the best overall alternative to Bittrex for U.S. users, offering similar altcoin diversity, strong security, and lower fees. For beginners, Coinbase offers the best user experience and regulatory transparency. For the lowest fees and widest selection, Binance (or Binance.US for American users) is the top choice. See our full Bittrex alternatives guide for detailed comparisons.
Was Bittrex ever hacked?
No, Bittrex was never hacked during its operational history. The exchange maintained a strong security record thanks to its founders' backgrounds in enterprise security at Microsoft and Amazon. Bittrex used cold storage for the majority of customer funds, two-factor authentication, IP whitelisting, and carried $300 million in digital asset insurance. Its closure was driven entirely by regulatory issues, not security breaches.
Can I still access my Bittrex account?
Access to Bittrex accounts depends on the current state of the wind-down process. As of 2025, the Bittrex website may still have limited functionality for account access and remaining withdrawals. If you cannot access your account or recover funds, you may need to file a claim through the bankruptcy court. Monitor the Bittrex website and the court filings (available through PACER at pacer.uscourts.gov) for updates on remaining asset distributions.
Is Bittrex Global the same as Bittrex?
Bittrex Global was a separate legal entity from Bittrex, Inc. While both shared the same technology platform and branding, Bittrex, Inc. was the U.S.-based entity headquartered in Seattle, and Bittrex Global was based in Liechtenstein and served international customers. Bittrex, Inc. filed for Chapter 11 bankruptcy in May 2023, while Bittrex Global continued operating until December 4, 2023, when it also shut down. Both entities are now defunct.
Are there any exchanges similar to Bittrex for altcoin trading?
Yes, several exchanges offer similarly wide altcoin selections. KuCoin supports over 800 cryptocurrencies, making it the top choice for altcoin diversity. Gate.io and MEXC also offer extensive altcoin catalogs. For U.S.-based users who need regulatory compliance, Kraken and Coinbase offer 250+ cryptocurrencies each with strong regulatory standing.
Final Verdict: Bittrex Review Summary
Bittrex was a pioneering cryptocurrency exchange that prioritized security and altcoin diversity during a formative period in the crypto industry. Founded in 2014 by security experts from Microsoft and Amazon, the platform built a strong reputation among experienced traders. At its peak, Bittrex offered 250+ cryptocurrencies, robust security features including $300 million in insurance, and a reliable trading engine.
However, Bittrex's failure to maintain adequate regulatory compliance proved fatal. The $29.3 million FinCEN/OFAC penalties in 2022 for sanctions violations and BSA failures, followed by the SEC's April 2023 charges for operating as an unregistered exchange, created a regulatory burden the company could not survive. The Chapter 11 bankruptcy filing came just three weeks after the SEC charges, and by December 2023, both Bittrex and Bittrex Global had ceased all operations.
For former Bittrex users seeking a new platform, the crypto exchange landscape offers several strong alternatives. Kraken matches Bittrex's security focus with better fees and more features. Coinbase offers the strongest U.S. regulatory standing as a public company. Binance provides the lowest fees and widest selection globally. And for pure altcoin traders, KuCoin offers the most extensive catalog with over 800 tokens.
The Bittrex story serves as a cautionary tale: even exchanges with strong technology and security can fail when regulatory compliance is neglected. For investors, the key takeaway is to diversify across platforms, use self-custody solutions for long-term holdings, and prioritize exchanges with clear regulatory standing in your jurisdiction.
