Bitcoin

Ethereum

Bittrex and its former CEO William Shihara were charged with running an unregistered national securities exchange, brokerage, and clearing agency by the US Securities and Exchange Commission on Monday.
Generally speaking, if you run a stock exchange in the United States, you must register as a national stock exchange with the US Securities and Exchange Commission. The SEC must be satisfied with the openness and transparency of your exchange's rules before you may operate there.
It's possible to disagree on what constitutes a stock market. The definition of an exchange is nebulous in contemporary finance, but generally speaking, it serves as a meeting place for stock buyers and sellers.
Dark pools and alternative trading systems are two examples of entities resembling stock exchanges but not technically stock exchanges.
But they also have an SEC registration and are subject to SEC oversight. Not to mention stockbrokers: To the average investor, a broker's website and mobile app – like Robinhood – can feel and look a lot like a stock exchange.
However, broker-dealers must be registered with the SEC, and laws separate them from exchanges (a broker typically does not provide a platform for customers to trade with each other but directs orders to other market venues).
Clearing houses for stocks (those who actually move shares from a seller to a buyer) must also sign up. In addition, the SEC requires registration from anything resembling a stock exchange.
<h2 id="header-0">SEC's Charges</h2>
The SEC has filed a complaint with a federal court in Washington, DC, alleging that Shihara conspired with those seeking to list their digital tokens for trading on Bittrex to remove disclosures that Shihara believed could prompt a securities investigation.
Bittrex Global GmbH, a foreign affiliate, was also charged by the SEC for failing to register as a national securities exchange for operating a single shared order book with Bittrex.
But Bittrex said it does not provide or exchange securities or investment contracts on its platform.
<blockquote>
 1/ Today, the U.S. Securities and Exchange Commission has initiated civil proceedings against Bittrex Global despite the fact that Bittrex Global has no U.S. customers and has never held itself out as doing business in the U.S. or with U.S. persons.— Bittrex Global (@BittrexGlobal) <a href="https://twitter.com/BittrexGlobal/status/1648000089535684608?ref_src=twsrc%5Etfw&amp;ref=blockhead.co" rel="noopener noreferrer nofollow">April 17, 2023</a>
</blockquote> 
And <a href="https://www.prnewswire.com/news-releases/bittrex-global-statement-on-sec-filing-301799093.html?ref=blockhead.co" rel="noopener noreferrer nofollow">Bittrex Global released a statement</a> saying it has no US customers and will "vigorously defend" itself against the SEC's claims.
The crypto firm, in its statement, said, "Bittrex Global was founded upon principles of security and compliance -- and we take great pride in our global reputation as one of the longest-standing and most compliant exchanges in the world."
From 2017 through 2022, Bittrex allegedly collected at least $1.3 billion in income from investor transaction fees while acting as a broker, exchange, and clearing agency without being registered with the SEC.
Seattle-based cryptocurrency exchange <a href="https://www.blockhead.co/2023/04/03/crypto-exchange-bittrex-to-exit-us-due-to-regulatory-challenges/" rel="noopener noreferrer nofollow">Bittrex had stated it will cease operations in the United States as of April 30</a> owing to "continued regulatory uncertainty." Liechtenstein is home to the company's non-American operations.
"Today's action, yet again, makes plain that the crypto markets suffer from a lack of regulatory compliance, not a lack of regulatory clarity," said SEC Chair Gary Gensler.
Gensler has previously said that Bitcoin transaction facilitators should be required to register with the SEC.
For "apparent violations" of sanctions on specific nations and anti-money laundering law, Bittrex settled with the United States Treasury Department in October and agreed to pay US$29 million in fines.
The cryptocurrency exchange, Bittrex, created in 2014 by three former employees of Amazon, had earlier announced that it would cease operations in the United States, stating that the regulatory climate had rendered it "no longer feasible" to do so business there.
<blockquote>
 Due to continued regulatory uncertainty, we have made the difficult decision to wind down our U.S. operations, effective April 30, 2023. All funds are safe and can be fully withdrawn immediately. This does not affect customers of <a href="https://twitter.com/BittrexGlobal?ref_src=twsrc%5Etfw&amp;ref=blockhead.co" rel="noopener noreferrer nofollow">@BittrexGlobal</a> <a href="https://t.co/MY4u7XLk9z?ref=blockhead.co" rel="noopener noreferrer nofollow">https://t.co/MY4u7XLk9z</a>— Bittrex (@BittrexExchange) <a href="https://twitter.com/BittrexExchange/status/1641879884682387457?ref_src=twsrc%5Etfw&amp;ref=blockhead.co" rel="noopener noreferrer nofollow">March 31, 2023</a>
</blockquote> 
Bittrex is the latest digital-asset firm to leave the country amid heightened regulatory scrutiny over the industry.
Read more: <a href="https://www.blockhead.co/2023/04/03/crypto-exchange-bittrex-to-exit-us-due-to-regulatory-challenges/" rel="noopener noreferrer nofollow">Crypto Exchange Bittrex to Exit US Due to Regulatory Challenges</a>
Like what you read? Our weekly <a href="https://www.blockhead.co/tag/business-bulletin/" rel="noopener noreferrer nofollow">Business Bulletin</a> wraps up the most important business and economic developments in the industry, along with macroeconomic views and opinions. To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer nofollow">here</a> to subscribe. It's free.

Crypto Exchange Bittrex Operated Without Registration: US SEC

목차

Blockhead

2023년 4월 18일에 게재된 다른 기사

Web 3 Game Developer EverdreamSoft Launches New NFT Collection

Ethereum price analysis: ETH Surges Above $2,100 As buying Momentum Remains Strong

Hester Peirce the SEC voice of reason against crypto witch hunt

GALA Up 11% On Announcement of New Token

The Important of Market Making in the World of Finance and Trading

DIPX Joins Forces with Chainlink Price Feeds to Enhance Index Perpetual Trading Accuracy

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!