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News

SEC Charges Bittrex Violated Securities Law

April 17, 2023 - Around 2 mins mins to read

Key Points:

  • Bittrex and its previous CEO were accused by the SEC of running an unlicensed national securities exchange, broker, and clearing agency.
  • Its international subsidiary, Bittrex Global GmbH, was also accused of failing to register with the government.
  • According to the SEC, the case should send a message to other non-compliant crypto market intermediaries.
The Securities and Exchange Commission (SEC) charged Bittrex with violating federal securities laws by operating a national securities exchange, broker, and clearing agency at the same time. Bill Shihara, the former CEO, and Bittrex Global GmbH are also charged.
SEC Charges Bittrex Violated Securities Law

Its overseas subsidiary, Global GmbH, was also penalized by the SEC for failing to register as a national securities exchange in conjunction with its operation of a single shared order book alongside the exchange.

The SEC also argues Bittrex should have registered as an exchange, clearing agency, and broker since it offered all three services.

“Bittrex and Shihara instructed issuer-applicants to delete statements related to “price prediction[s],” “expectation of profit,” and other “investment related terms.”

SEC Charges Bittrex Violated Securities Law

The case against the exchange, according to SEC Enforcement Director Gurbir Grewal, should send a message to other non-compliant crypto market intermediaries.

“Today’s action not only holds Bittrex accountable for misconduct that we allege put investors at risk, but should also send a message to other non-compliant crypto market intermediaries to follow the federal securities laws or be held accountable for their violations.”

Bittrex said last month that it would leave the United States by the end of April, citing the present regulatory and economic climate in the United States. The SEC’s Wells Notice most certainly anticipated the exchanger’s declaration at the end of March that it would be closing its operations in the United States, owing in part to difficult regulatory circumstances. According to the Wall Street Journal, the company is unsure if the SEC would pursue legal action since it is now departing the market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Bill Shihara

Bittrex

Bittrex Global GmbH

SEC

Avatar of Harold

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

SEC Charges Bittrex Violated Securities Law

Key Points:

  • Bittrex and its previous CEO were accused by the SEC of running an unlicensed national securities exchange, broker, and clearing agency.
  • Its international subsidiary, Bittrex Global GmbH, was also accused of failing to register with the government.
  • According to the SEC, the case should send a message to other non-compliant crypto market intermediaries.
The Securities and Exchange Commission (SEC) charged Bittrex with violating federal securities laws by operating a national securities exchange, broker, and clearing agency at the same time. Bill Shihara, the former CEO, and Bittrex Global GmbH are also charged.
SEC Charges Bittrex Violated Securities Law

Its overseas subsidiary, Global GmbH, was also penalized by the SEC for failing to register as a national securities exchange in conjunction with its operation of a single shared order book alongside the exchange.

The SEC also argues Bittrex should have registered as an exchange, clearing agency, and broker since it offered all three services.

“Bittrex and Shihara instructed issuer-applicants to delete statements related to “price prediction[s],” “expectation of profit,” and other “investment related terms.”

SEC Charges Bittrex Violated Securities Law

The case against the exchange, according to SEC Enforcement Director Gurbir Grewal, should send a message to other non-compliant crypto market intermediaries.

“Today’s action not only holds Bittrex accountable for misconduct that we allege put investors at risk, but should also send a message to other non-compliant crypto market intermediaries to follow the federal securities laws or be held accountable for their violations.”

Bittrex said last month that it would leave the United States by the end of April, citing the present regulatory and economic climate in the United States. The SEC’s Wells Notice most certainly anticipated the exchanger’s declaration at the end of March that it would be closing its operations in the United States, owing in part to difficult regulatory circumstances. According to the Wall Street Journal, the company is unsure if the SEC would pursue legal action since it is now departing the market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

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