EUR Conversion FAQ (to publish shortly prior to conversion)
Note: This communication only applies to users of Bittrex Global (Bermuda) Ltd.
As communicated, all EUR holdings remaining on the platform will be converted 1:1 into a stablecoin EURC. Bittrex Global will cover all fees associated with the conversion.
Please see the section below for additional questions that may arise during this process.
Questions:
Why are you converting Euros to EURC?
In order to ensure that all users are able to submit a proof of debt and, if approved, receive a distribution of 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 users, and it is not possible to opt out.
What is EURC?
EURC (formerly known as Euro Coin) is a Euro backed stablecoin issued by the company Circle. You can read more about the coin from its issuer here. Bittrex Global lists this coin under the ticker EURC; it may be available at other exchanges under the ticker EUROC.
When will my EUR be converted into crypto?
On 8 October 2024, all EUR funds remaining in your account will be converted 1:1 into the stablecoin EURC. This process may take some time but should be complete within 48 hours. Once the process is completed, your previous balance of Euros will be reflected in EURC.
Withdrawals are currently suspended as required by Bermuda law during the liquidation process, but it is anticipated that the Joint Liquidators will commence the formal process of returning all funds to users in the coming weeks. This will include all holdings in EURC.
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.
What if the amount of EURC I receive is less than the minimum withdrawal amount for EURC?
The minimum withdrawal amount for EURC may change depending on network condition). 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.