Bittrex Settles with SEC for $24 Million

Furthermore, the complaint stated that Bittrex and former CEO William Shihara asked crypto issuers to delete statements from public forums, which might lead to a financial regulator probe. According to the SEC, Bittrex has neither admitted to nor denied the allegations.

The $24 million settlement included disgorgement of $14.4 million, prejudgment interest of $4 million, and a civil penalty of $5.6 million.. According to the filing, the exchange had more than $500 million in assets and liabilities, as well as more than 100,000 creditors. Prior to the bankruptcy filing, the bruised trading platform had shut down its operations in the U.S., blaming the country’s regulatory and economic environment. One of the co-founders Richie Lai expressed his sentiments while making the exit, saying:

“In the end, we made great strides toward accomplishing our goal of maturing the crypto space. However, operating in the U.S. is no longer feasible and Bill, Rami and I will focus on helping Bittrex Global succeed outside the U.S.”

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