Bittrex, a prominent cryptocurrency exchange, has agreed to pay a hefty $24 million fine as a part of a settlement with the U.S. Securities and Exchange Commission (SEC).
The charges stemmed from allegations of providing U.S. investors with access to unregistered securities, marking a pivotal moment in the ongoing push for enhanced compliance in the rapidly evolving crypto landscape.
Today we 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.”
Following the filing of our request to dismiss, Bittrex Global announced that the business is thrilled to have quickly struck a settlement agreement with the SEC.
“The agreement has now been submitted to the court for approval, and we will be able to comment further once that process is complete,” Bittrex stated in its conclusion.
Bittrex $29M Penalty Last Year to U.S. Treasury Department:
According to Gary Gensler SEC Chairman, businesses that help facilitate transactions in the Bitcoin market should register with the SEC like other market intermediaries.
Bittrex agreed to pay a $29 million punishment to the U.S. Treasury Department in October of last year for “apparent violations” of the law’s anti-money laundering guidelines and restrictions on particular countries.
The SEC is putting pressure on Bittrex as the next cryptocurrency company, arguing that all cryptocurrencies, with the exception of bitcoin, should be treated as securities under the law.