Bittrex Settles with SEC for $24 Million
Bittrex, a major cryptocurrency exchange, has reached a $24 million settlement with the US Securities and Exchange Commission (SEC). The settlement includes payments totaling $14.4 million for disgorgement, $4 million for prejudgment interest, and $5.6 million in civil penalties.
Main Points:
- Bittrex has settled with the SEC for $24 million.
- The settlement includes payments for disgorgement, prejudgment interest, and civil penalties.
- Bittrex will refrain from acknowledging or refuting the accusations and is restricted from issuing public communications that could imply the absence of a factual foundation for the SEC’s allegations.
- Bittrex CEO, Oliver Linch, stated that the settlement allows the company to focus on building the future of crypto.
- Bittrex Global is a non-US-regulated exchange that caters exclusively to clients outside of the US.
Hot Take:
The settlement between Bittrex and the SEC is a significant step for the company in resolving the legal conflict. While it involves a substantial payment, it allows Bittrex to move forward and concentrate on their vision for the future of crypto. The settlement also highlights the regulatory uncertainty surrounding the cryptocurrency industry, with Bittrex Global positioning itself as a non-US-regulated exchange for market participants who are wary of US regulations.
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