Embattled Crypto Exchange to Pay a $24 Million Penalty to Settle With SEC

Embattled Crypto Exchange to Pay a $24 Million Penalty to Settle With SEC



The once-prominent cryptocurrency exchange Bittrex has reportedly reached an agreement to pay a sum of $24 million in penalties in order to settle its dispute with the United States Securities and Exchange Commission (SEC).



Earlier, the SEC had accused the platform of offering services to American clients without obtaining the necessary registration.



Following the regulator's action against Bittrex, the exchange decided to close down its operations in the US and sought bankruptcy protection.



According to a Bloomberg report, both Bittrex and its non-US subsidiary have agreed to pay $24 million to resolve allegations of violating multiple securities regulations while providing cryptocurrency services to users in the US.



Co-founder William Shihara of the company expressed approval of the settlement plan, indicating optimism


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