{"id":630655,"date":"2023-04-18T09:49:30","date_gmt":"2023-04-18T14:49:30","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/18\/sec-charges-crypto-exchange-bittrex-for-violating-us-securities-laws\/"},"modified":"2023-04-18T09:49:30","modified_gmt":"2023-04-18T14:49:30","slug":"sec-charges-crypto-exchange-bittrex-for-violating-us-securities-laws","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/18\/sec-charges-crypto-exchange-bittrex-for-violating-us-securities-laws\/","title":{"rendered":"SEC charges crypto exchange Bittrex for violating US securities laws"},"content":{"rendered":"
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The Securities and Exchange Commission has charged Bittrex and former CEO William Shihara with operating an unregistered securities exchange. In a complaint filed on Monday<\/ins><\/a>, the SEC alleges the crypto exchange, once one of the largest in the US, earned at least $1.3 billion in revenue between 2017 and 2022 while offering the services of a broker, exchange and clearing agency. It did so without registering with the Commission, in violation of federal law, the SEC alleges.<\/p>\n

Additionally, the SEC claims Bittrex \u201ccoordinated\u201d with crypto issuers to delete \u201cproblematic statements\u201d Shihara believed would prompt a regulator like the SEC to investigate the exchange. In one instance, the Commission states Shihara instructed a potential issuer to erase comments that referenced \u201cprice predictions\u201d and \u201cexpectation of profit.\u201d<\/p>\n

\u201cToday\u2019s action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity,\u201d said SEC Chair Gary Gensler. \u201cAs alleged in our complaint, Bittrex and issuers that it worked with knew the rules that applied to them but went to great lengths to evade them by directing issuer-applicants to \u2018scrub\u2019 offering materials of information indicating that certain crypto assets were securities.\u201d<\/p>\n

As Coindesk<\/ins><\/em> notes<\/ins><\/a>, Bittrex, citing \u201ccontinued regulatory uncertainty,\u201d<\/ins><\/a> announced last month it would exit the US market at the end of April. Over the weekend, the company told <\/ins>The Wall Street Journal<\/ins><\/em><\/a>\u00a0<\/em>it was recently notified by the SEC of potential enforcement action\u00a0<\/em>by the Commission. David Maria, the company\u2019s general counsel, said Bittrex would challenge the lawsuit unless the Commission offered \u201ca reasonable settlement offer.\u201d Last year, the US Treasury fined Bittrex $29 million<\/a> for previously failing to comply with US money laundering and sanction laws.<\/p>\n

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\n Igor Bonifacic<\/p>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has charged Bittrex and former CEO William Shihara with operating an unregistered securities exchange. In a complaint filed on Monday, the SEC alleges the crypto exchange, once one of the largest in the US, earned at least $1.3 billion in revenue between 2017 and 2022 while offering the services of<\/p>\n","protected":false},"author":1,"featured_media":630656,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1876,22791,46],"tags":[],"class_list":{"0":"post-630655","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-charges","8":"category-crypto","9":"category-technology"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/630655","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=630655"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/630655\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/630656"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=630655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=630655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=630655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}