Key Points:
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.”
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.
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