Bittrex Seeks Privy Council Review of Crypto Asset Ruling

Bittrex Global has submitted an application to the Judicial Committee of the Privy Council for special leave to appeal in its long-running legal battle over customer cryptocurrency assets.

The company was ordered wound up by the Bermuda Supreme Court in 2024 after winding down its operations, with about $63 million in unclaimed cryptocurrency remaining on the platform. The Court of Appeal found that these digital assets belonged to customers and could not be distributed to Bittrex's sole shareholder, setting a major precedent for the island's digital asset industry.

In March, the Court of Appeal ruled that contractual terms cannot override statutory protections requiring clients' assets to be safeguarded and segregated. The ruling clarified how client assets must be treated under Bermuda's Digital Asset Business Act.

Bittrex Global entered liquidation in 2024 after its operations were wound down. In a separate ruling, the Supreme Court authorized the joint liquidators to transfer the company's digital assets to a new custodian and start converting them into fiat currency due to rising costs of maintaining the platform.