Frequently Asked Questions in Regard to the Conversion of EUR to EURC

Note: This communication only applies to former customers of Bittrex Global GmbH i. L. (Liechtenstein). Additionally, EUROC is now listed as EURC on Bittrex Global. 

As communicated, all EUR holdings remaining on the platform have now been converted 1:1 into a stablecoin EURC, and are now available for withdrawal in the usual way, subject to the Terms of Service and applicable law. Bittrex Global covered all fees associated with the conversion.

Please see the section below for additional questions regarding this process.

Questions:

Why are you converting Euros to EURC?

In order to ensure that all former customers are able to withdraw their funds denominated in Euros, it is necessary to convert fiat holdings into a digital asset equivalent (i.e. a stablecoin). The conversion will take place simultaneously for all eligible former customers, and it is not possible to opt out. This conversion has the additional advantage of reducing the minimum withdrawal amount, as the minimum withdrawal amount for EURC is 3.5 EURC plus one Satoshi (subject to network conditions), whereas the minimum withdrawal amount for EUR is 10 Euros.

What is EURC?

EURC is a Euro backed stablecoin issued by the company Circle.  You can read more about the coin from the issuer here. Bittrex Global lists this coin under the ticker EURC (recently updated from ticker EUROC); it may still be available at other exchanges under EUROC.

When will my EUR be converted into crypto and will it be immediately available for withdrawal?

All EUR funds remaining in your account have been converted 1:1 into the cryptocurrency stablecoin EURC. Your previous balance of EUR is now reflected in EURC, which is available for withdrawal in the usual manner.

Will I be charged transaction fees for the conversion?

No, you will not be charged transaction fees for the conversion. Bittrex Global will convert your funds 1:1 to EURC and will cover all fees associated with the conversion.

I can’t see my EUR balance anymore, where did my funds go?

During the conversion process, your EUR balance will show as 0 while we perform the necessary actions to convert the coins. Once this process has been completed, your previous balance in EUR will be reflected in your EURC balance. Please be patient, as this conversion may take some time.

How can I withdraw my EURC once it has been converted?

Only users in good standing may withdrawal their funds. If your account is not in good standing, please file a support ticket here and our team will work with you to remedy the situation. 

First, you will need to ensure that you have a wallet for EURC set up at another exchange or wallet provider to be able to withdraw these funds. Bittrex Global supports EURC on the Ethereum network (ERC-20). Please ensure that your receiving wallet allows deposits for EURC on Ethereum. You may then review this article for detailed instructions on how to withdraw once you have done so. Please note that EURC cannot be withdrawn to your bank account.

What if the amount of EURC I receive is less than the minimum withdrawal amount for EURC?

The minimum withdrawal amount for EURC is 3.5 EURC plus one Satoshi (this value may change depending on network conditions). Unfortunately, if your holdings do not meet the minimum withdrawal size, there is nothing further we can do to assist.

Is the conversion a taxable event?

We suggest you reach out to a tax professional in your jurisdiction.

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2024

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