Delaware Bankruptcy Court Approves Bittrex U.S. Customer Withdrawals Amid Legal Battles

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Australian participants in the blockchain business are protesting recent limitations on cryptocurrency payments imposed by regional banks. Blockchain Australia, a trade group, has criticized limitations and stated that it intends to address the problem “head-on” by utilizing genuine data. Following partial limitations last week, Commonwealth Bank (CBA) cited “scams and the amount of money lost by customers.” Binance Australia has stopped accepting bank transfers for Australian dollar (AUD) deposits and withdrawals “due to a decision made” by a third-party payment service provider. In order to debate the matter with policymakers, Blockchain Australia has chosen to conduct a roundtable discussion on June 27 during Blockchain Week in Australia. The organization intends to launch a consumer education program on cryptocurrencies and their advantages as well as urge banks to recognize these practices.

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Following a decision by a Delaware bankruptcy court, the American branch of cryptocurrency exchange Bittrex is scheduled to open for customer withdrawals on Thursday. The exchange declared bankruptcy in May, and the US government fought its legal attempt to allow users to access assets once again. Judge Brendan Shannon’s decision on Tuesday gave Bittrex U.S. and its affiliates the go-ahead to allow clients with uncontested, noncontingent, and liquidated claims to remove cryptocurrency assets and fiat money to the extent of their claims from the Debtors’ trading platform. There may be future clawbacks because the judgment does not specify who exactly is the rightful owner of such assets or if consumer claims are given priority over those of the government. A partner at the legal firm Quinn Emmanuel named Patty Tomasco stated that the platform will be open for withdrawals on June 15th. After announcing in March that it would be ending operations in the United States the following month, the exchange saw withdrawals amounting to millions of dollars.

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