Bittrex struck a deal with the SEC and will pay a $24 million fine
Date: 2023-08-11 Author: Karina Ziganova Categories: BLOCKCHAIN, BUSINESS
The US Securities and Exchange Commission (SEC) announced that the Bittrex cryptocurrency exchange agreed to pay a fine. The regulator filed a lawsuit against the platform in April 2023.
The company was accused of promoting securities without a license. The commission included the following tokens: OMG, DASH, ALGO, TKN, NGC and IHT.
The exchange, its overseas affiliate and former CEO William Shikhara neither confirmed nor denied the allegations, according to a regulator statement. However, they are ready to pay a fine of $24 million.
“For a long time, Bittrex has been working with token issuers to rid their offer of any sign of an investment contract. And all this with one goal - to circumvent federal securities laws. However, they failed,” — the head of the enforcement department of the regulator Gurbir Grewal.
Bittrex exited the US market before the SEC lawsuit. Already at the beginning of May 2023, the platform declared itself bankrupt.
In July, a regulator in Florida joined the investigation into the activities of the exchange. The company and its former CEO have said they are ready to sue the SEC, but a new statement from the regulator indicates otherwise.
