The US regulatory agency SEC is not only causing trouble for Binance and Coinbase exchanges. Gensler and his team filed various charges against the Bittrex exchange this year as well. It seems that SEC, which targets exchanges operating in the US jurisdiction, will now leave the exchange alone after accepting the payment of the fine.
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A few minutes ago, Reuters shared news based on court documents, stating that Bittrex exchange has agreed to pay a fine to get rid of SEC. The exchange will make a payment of $24 million to resolve SEC’s allegations. So far, many cryptocurrency exchanges and altcoins have had to pay the fines imposed by SEC in settlements.
The US Securities and Exchange Commission (SEC) filed a lawsuit against Bittrex this year, alleging that the exchange violated securities laws in the US, despite actively winding down its operations in the country. SEC claimed that Bittrex and its former CEO Bill Shihara operated as an unregistered securities exchange, broker, and clearing agency. Among the allegations, SEC also claimed that Bittrex and Shihara asked issuers of coins to remove statements that could suggest these coins were securities.
Bittrex had previously announced the termination of its US operations due to regulatory uncertainties. Gurbir S. Grewal, the Director of Enforcement at SEC, said last year that cryptocurrency companies would regret not seeking their guidance in 2023. Following his statement, a series of lawsuits were filed, and when the Bittrex case was filed, Grewal said:
“Bittrex repeatedly chose profit over investor protection.”
