The exchange was indicted for alleged violations of investor protection laws.
the exchange Bittrex is facing possible action from the US Securities and Exchange Commission (SEC). The Securities and Exchange Commission Compliance Team notified Bittrex for alleged violations of investor protection laws.
Given the the company is ceasing its operations in the US.It is unclear to Bittrex whether the SEC will file a lawsuit. Bittrex will go to court if the agency decides to take action unless the regulators “come up with a reasonable settlement offer“, according to the lawyer of the exchange.
The information was made public shortly after Bittrex declared that all its operations would cease in the United States on March 31.”due to difficult legal and economic climate“. The exchange instructed United States customers to withdraw their money by April 30, 2023.
Reports claim that the SEC Chairman, Gary Gensler, alleges that a large part of the cryptocurrency industry has ignored the regulations that his organization maintains to protect investors. He has argued that platforms like Bittrex should register their trading with the SEC, which would force them to dismantle their platforms, lessen conflicts of interest and adopt a more traditional stock appearance.
Bittrex agreed to pay $29 million last year to resolve its legal issues with US authorities over “apparent violations” of sanctions against nations including Iran, Cuba and Syria.
Keep reading:
► Jim Cramer’s lousy advice on Bitcoin
► The unusual reward of 1 million DOGE from Elon Musk
► Warren Buffet, very tough against Bitcoin: “It’s like playing roulette”
Join the Cripto247 community. Follow in Twitter, instagram, Facebook, Youtube, Telegram and find out all the news from the crypto world instantly.
