Bittrex settled with the SEC for $24 million after the agency charged it in April for operating as an unregistered exchange.
Bittrex settled with the Securities and Exchange Commission for $24 million after the agency charged it in April for operating as an unregistered exchange.Stay updated on Pro Crypto Ecosystems news by locking ACS tokens with The Block.No wallet? No problem. You can set one up for free. We recommend Torus for first-time users.
The exchange, its foreign affiliate and former CEO William Shihara did not admit or deny allegations, according to a court document filed on Thursday. Bittrex's foreign affiliate, Bittrex Global GmbH, agreed to settle charges that it failed to register as a national securities exchange, the SEC said in a statement.
“For years, Bittrex worked with token issuers to 'scrub' their online statements of any indicia that they were investment contracts — all in an effort to evade the federal securities laws. They failed,” Gurbir S. Grewal, director of the SEC’s enforcement division, said in a“Today’s settlement makes clear that you cannot escape liability by simply changing labels or altering descriptions because what matters is the economic realities of those offerings," he continued.
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