SEC Chases Bittrex in New Enforcement Action

It’s been just revealed that the SEC seems to be after Bittrex in a new enforcement action. Check out the latest reports about this below.

The U.S. SEC has charged crypto exchange Bittrex and its co-founder and former CEO William Shihara with operating an unregistered national securities exchange, broker, and clearing agency.

The SEC also charged Bittrex Global GmbH, Bittrex’s foreign affiliate, for failing to register as a national securities exchange in connection with its operation of a single shared order book along with Bittrex.

The SEC alleges that Omise Go (OMG), Algorand (ALGO), Dash (DASH), Tokencard (TKN), i-House Token (IHT) and Naga (NGC) are all securities in its complaint.

In a new press release, the SEC alleged the fact that since 2014, Bittrex has facilitated the buying and selling of crypto assets in a way that violates securities laws.

Chair Gary Gensler stated the following:

“Today’s action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity…

As alleged in our complaint, Bittrex and issuers that it worked with knew the rules that applied to them but went to great lengths to evade them by directing issuer-applicants to ‘scrub‘ offering materials of information indicating that certain crypto assets were securities.”

Gensler continued and said:

“Further, Bittrex, as alleged, failed to register and comply with U.S. securities laws as an exchange, broker-dealer, and clearing agency. Cosmetic alterations did nothing to change the underlying economic realities of the offerings and Bittrex’s conduct. Today we’re holding Bittrex accountable for its non-compliance.”

Make sure to check out the original article shared by the Daily Hodl in order to learn more details about this.

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