The Bittrex exchange eventually reached a settlement with the U.S. securities regulator and agreed to pay $24 million as a fine.
Bittrex is a popular digital asset and cryptocurrency exchange platform based in Seattle, Washington. This platform was founded in 2013 by Bill Shihara, Richie Lai, Rami Kawach and Ryan Hentz. Later, this exchange established its global subsidiary.
Early this year, the Bittrex team decided to exit the US Crypto market due to unclear crypto regulatory policies, but before the exit, the US Securities Exchange Commission (SEC) sued Bittrex, Bittrex Global and its CEO for providing unregistered securities offerings and running the national stock exchange without legal authority.
On August 11, 2023, the US SEC announced that the Bittrex exchange had decided to settle the SEC’s charges.
Few X (formerly Twitter) users commented that the Bittrex team made a very bad decision and they should have a legal battle against the SEC charges.
Some X users said that the SEC body is not a regulatory body, but a litigation agency.
These kinds of settlements with the US SEC by the crypto firms show that no one wants to fight with the US SEC, they want a tension-free business.
Earlier in February this year, Kraken crypto exchange agreed to settle the case with the US SEC and paid a $30 million fine.
Kraken’s CEO confirmed that the company’s financial position was no better for holding up against the SEC, so it was better to settle the matter.
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