Bittrex Global’s Strategic Shift After SEC Settlement
Bittrex Global, a major player in the crypto industry, recently reached a settlement with the US Securities and Exchange Commission (SEC) after facing enforcement action for being an unregistered exchange. The settlement does not require Bittrex to pay any monetary compensation. As a result, the company has announced a strategic shift to focus on the international market.
Key points:
– Bittrex Global and its US arm were accused of operating as unregistered exchanges by the SEC.
– The settlement does not involve any financial penalties for Bittrex.
– Bittrex CEO, Oliver Linch, extended an invitation to international market participants who are hesitant to affiliate with US entities due to regulatory uncertainty.
– The SEC alleged that Bittrex and its co-founder, William Shihara, conducted operations as unregistered securities exchanges, brokers, and clearing agencies.
– Bittrex Global’s US arm agreed to a $24 million settlement and later filed for Chapter 11 bankruptcy protection.
Bittrex’s settlement with the SEC allows the company to move forward without any financial obligations. This outcome is seen as unusual and favorable for Bittrex. The company now aims to focus on serving international market participants who may be wary of the regulatory climate in the US. However, it remains to be seen how Bittrex’s strategic shift will unfold and whether it will be successful in attracting a global user base.
By
By
By
By
By