United States-based Bitcoin and altcoin exchange Bittrex is reportedly facing potential actions from the US securities regulator as it prepares to shut down its local operations. Here are the details…
There is a ‘tendency to sue’ Bitcoin and altcoin exchanges
The U.S. Securities and Exchange Commission’s (SEC) enforcement body tends to recommend filing a lawsuit against Bittrex over alleged breaches of investor protection, The Wall Street Journal reported on April 16. The enforcement agency informed Bittrex in March of potential actions from the SEC, as Bittrex general counsel David Maria reports. The attorney stated that by that time, the Seattle-based crypto firm had already begun the process of terminating its operations in the US.
In its notice of potential enforcement action, known as the Wells notice, the SEC wrote that Bittrex violated the law by doing business as an exchange, broker-dealer, and chamber of commerce without registering with the regulator. According to Bittrex’s general counsel, the company has discussed how it will register its operations with the SEC in late 2022. The crypto firm saw no opportunity to comply with the rules of the SEC without essentially shutting down all its revenue-generating activities in the country.
Attorney Maria emphasized that Bittrex’s failure to comply with SEC rules was due to the SEC’s failure to provide clear regulations for crypto in the first place. “The lack of regulatory clarity here leads to significant costs and uncertainty about what can and cannot be offered,” Maria said. Maria said Bittrex was not aware of whether the SEC would be sued because the company terminated its operations in the United States. The attorney added that if the agency decides to take action, Bittrex will file a lawsuit “unless regulators come up with a reasonable settlement offer.”
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