The U.S. Securities and Exchange Commission is alleging that Bittrex operated a national securities exchange, broker and clearing agency that violate federal statutes. Former Chief Executive Officer is also facing charges.
SEC Enforcement Director Gurbir Grewal stated that this “should send a message to other non-compliant cryptocurrency market intermediaries”. (As if being compliant with the SEC changes anything?)
“As laid out in our complaint, Bittrex’s business model was based on three things: circumventing the registration requirements of the federal securities laws; counseling issuers of crypto asset securities to do the same by altering their offering materials; and combining multiple market intermediary functions under one roof to maximize profits”
Bittrex exchange announced last month that it was planning to exit the U.S. by the end of April due to the current U.S. regulatory and economic environment.
The post TODAY: SEC Charges Crypto Exchange Bittrex For Violating Federal Securities Laws appeared first on The XRP Daily.
