SEC Charges Bittrex Calling It Unregistered Securities Exchange

The US Securities and Exchange Commission (SEC) on Monday charged crypto platform Bittrex over non-compliance related accusations. The complaint follows a Wells notice in March 2023, after which the crypto exchange announced it was winding up US operations. However, it was only on Sunday that reports revealed about the Wells notice that preceded the exchange’s decision to leave notice. This move adds to the US SEC’s growing list of crypto businesses under its radar.

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In its complaint, the agency also charged Bittrex co-founder William Shihara for operating “an unregistered national securities exchange, broker, and clearing agency.” The SEC also charged Bittrex’s foreign affiliate, Bittrex Global GmbH, for failing to register as a national securities exchange over its operation of a single shared order book along with Bittrex.

Investor Protection

Gurbir Grewal, Director of the SEC’s Division of Enforcement, alleged that Bittrex repeatedly chose profits over investor protection. He added in the complaint that the exchange depended on circumventing registration requirements of the federal securities laws.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

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