Bittrex, which is focused on ending its US operations, is included in the SEC’s possible action planning.
According to The Wall Street Journal, the enforcement agency of the US Securities and Exchange Commission (SEC) recommended action against Bittrex due to the agency’s alleged breach of investor protection. Focusing on ending its US operations, Bittrex prepares for possible pressure from the SEC.
Bittrex Considering Withdrawal From The US Is On The SEC’s Radar
Bittrex general counsel David Maria said that the SEC’s executive branch informed them. Maria underlined that Bittrex is in the process of liquidating and terminating its operations in the US.
In a possible enforcement action notice known as the Wells notice, the SEC stated that Bittrex serves as an exchange, broker, and clearing platform without registering with the regulator. The SEC claimed that with these actions, the exchange violated the law.
In addition, Bittrex general counsel and general counsel Maria stated that the company was in talks with the SEC last year. Maria said that the exchange’s failure to comply with the SEC’s rules was due to the agency not providing clear regulations for crypto in the first place. Speaking on the subject, Maria stated the following;
“The lack of regulatory clarity here comes at significant costs and there is no certainty about what can and cannot be offered.”
Maria said she was unaware of the SEC’s moves as Bittrex ended its US operations. The attorney stated that Bittrex will counter-sue if the agency does not compromise on a possible move.
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