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- Crypto exchange Bittrex settled charges of offering U.S. investors access to unregistered securities on Thursday, agreeing to pay a $24 million fine within two months of filing a liquidation plan for the exchange.
www.coindesk.com/policy/2023/08/10/bittrex-reaches-settlement-with-sec-agrees-to-pay-24m-fine/Bittrex Reaches Settlement With SEC; Agrees to Pay $24M Fine
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Aug 10, 2023 · Crypto exchange Bittrex settled charges of offering U.S. investors access to unregistered securities on Thursday, agreeing to pay a $24 million fine within two months of filing a liquidation...
- Settlement
Leader in cryptocurrency, Bitcoin, Ethereum, XRP,...
- Settlement
Aug 10, 2023 · The Securities and Exchange Commission today announced that crypto asset trading platform Bittrex Inc. and its co-founder and former CEO, William Shihara, agreed to settle charges that they operated an unregistered national securities exchange, broker, and clearing agency.
Apr 17, 2023 · The U.S. Securities and Exchange Commission on Monday charged cryptocurrency exchange Bittrex Inc and its former CEO William Shihara with operating an unregistered national securities...
Apr 17, 2023 · The SEC also charged Bittrex, Inc.’s foreign affiliate, Bittrex Global GmbH, for failing to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex.
- Overview
- What's The Deal That Bittrex Agreed To?
- SEC's Aggressive Crypto Crackdown Likely To Continue
Bankrupt crypto trading platform Bittrex, which ceased U.S. operations earlier this year, will pay $24 million to settle U.S. Securities and Exchange Commission (SEC) charges for running an unlicensed exchange, broker, and clearing agency.
Bittrex has agreed to pay $24 million in disgorgement, prejudgment interest, and civil penalties related to charges that were originally filed against the exchange by the SEC in April of this year.
Bittrex previously agreed to a $24 million and a $29 million settlement related to an enforcement action from the U.S. Department of Treasury.
This year has been major for SEC activity in the crypto industry, as exchanges Binance, Coinbase, and Kraken have also faced enforcement actions.
Bittrex and Bittrex Global will pay $14.4 million in disgorgement, $4 million in prejudgment interest, and $5.6 million in civil penalties to resolve the legal dispute with the U.S. regulator. The settlement is pending court approval. Bittrex Global represents the international arm of the Bittrex brand.
Bittrex and its co-founder and ex-CEO William Shihara settled without admitting or denying the SEC's allegations. The SEC originally
in April Bittrex and Shihara operated an unregistered national securities exchange, broker, and clearing agency since 2014.
The regulator also accused Bittrex of working with token issuers to "scrub" their online statements of any signs they were investment contracts in order to evade federal securities laws.
SEC enforcement director Gurbir Grewal said the settlement shows "you cannot escape liability by simply changing labels or altering descriptions because what matters is the economic realities of those offerings."
Shihara, who left Bittrex in 2019, said in a statement that the settlement was a "good outcome," and a Bittrex spokesperson said the firm was "delighted" with the outcome of the case,
This year has been critical for the crypto industry when it comes to enforcement actions taken by the SEC. In addition to Bittrex, crypto exchanges
have also faced charges from the financial regulator.
Additionally, the SEC plans to appeal the decision in their case against Ripple Labs where a federal judge ruled that XRP is not a security. More recently, crypto promoter Richard Heart was charged by the SEC for activities related to his HEX crypto token.
Despite all of these regulatory actions, bitcoin is currently up roughly 78% since the start of the year.
- Kyle Torpey
Apr 19, 2023 · It also charged Bittrex, Inc.’s foreign affiliate, Bittrex Global GmbH, with failing to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex. The complaint was filed in federal court in Seattle.
Apr 17, 2023 · The Securities and Exchange Commission (SEC) filed charges against Bittrex Monday, alleging the Seattle-based exchange failed to comply with securities law by not registering with the financial watchdog in several areas.
