Seattle-based cryptocurrency exchange Bittrex has filed for Chapter 11 bankruptcy, citing liabilities and assets in the $500 million to $1 billion range and over 100,000 creditors. The filing comes after the US Securities and Exchange Commission (SEC) charged Bittrex for failing to comply with securities law by not registering with the financial watchdog. The SEC alleges that the exchange took in at least $1.3 billion in illicit revenue between 2017 and 2022.

Bittrex had previously announced it was winding down US operations in March due to the "current U.S. regulatory and economic environment." The bankruptcy comes as regulators continue to clamp down on the crypto industry. Bittrex had also settled enforcement cases with US authorities for "apparent violations" of sanctions against Iran, Cuba, and Syria last year.