Bittrex Agrees to $24 Million Settlement with SEC over Unregistered Activities
Cryptocurrency exchange Bittrex has reached an agreement to pay $24 million to settle allegations brought by the U.S. Securities and Exchange Commission (SEC). The regulatory agency had accused Bittrex of failing to register as a national securities exchange, broker, and clearing agency, resulting in unregistered activities.
Because Bitcoin
August 10, 2023
Reuters reported that Bittrex has consented to a payment of $24 million to resolve allegations from the U.S. Securities and Exchange Commission (SEC) regarding the failure of the cryptocurrency exchange to register with the regulatory agency. This information was disclosed in a filing submitted to the Seattle federal court on Thursday.
In April, the SEC filed a lawsuit against Bittrex Inc and its former CEO William Shihara, asserting that they had been operating an unregistered national securities exchange, broker, and clearing agency. Additionally, the SEC contended that Bittrex Global GmbH had neglected to register as a national securities exchange concerning its management of a unified shared order book alongside Bittrex.
As part of the resolution, both companies and Shihara have agreed to an order that prohibits them from violating U.S. securities laws. However, they have not admitted to the allegations made by the SEC.
Requests for comment from spokespersons representing the SEC and Bittrex have not yet received immediate responses, as per the Reuters article.
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