Bittrex Global Settles with SEC, Criticizes US Regulators
Bittrex Global has issued an official statement confirming the settlement reached with the US Securities and Exchange Commission (SEC). The statement addresses some of the issues raised in the SEC’s lawsuit, which charged Bittrex with operating an unregistered exchange within the United States. The settlement requires Bittrex US to pay a $24 million fee, while Bittrex Global will not be responsible for any payment. Bittrex Global CEO, Oliver Linch, expressed relief at the settlement but also criticized crypto regulation in America, highlighting the exchange’s preference for being regulated in Liechtenstein and Bermuda.
Main Points:
- Bittrex Global settles with the SEC over the lawsuit regarding operating an unregistered exchange in the US.
- Bittrex US will pay the $24 million settlement fee.
- Bittrex Global CEO praises the settlement but criticizes US regulators and highlights being regulated in Liechtenstein and Bermuda.
- Bittrex decided to leave the US market in May, citing unclear and enforced regulations.
- The SEC accuses Bittrex of operating as an unregistered broker, exchange, and clearing agency and instructing issuers to remove problematic statements to avoid regulatory scrutiny.
Hot Take: Bittrex Global’s settlement with the SEC puts an end to a legal battle, but the company’s critical statements reflect its dissatisfaction with US regulators. By highlighting its preference for offshore jurisdictions, Bittrex Global hints at its intention to pursue more crypto-friendly environments for its business.
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