The charges against Bittrex stemmed from the SEC alleging that the exchange offered and sold digital assets to customers in the U.S. as an unregistered broker, exchange, and clearing agency.
The Florida financial watchdog charged the exchange in April, but Bittrex wanted the charges dropped, and in return, it would surrender its Florida license.
The move comes only a month after the company announced it was winding down its U.S. operations, a few weeks after the SEC accused it of operating an unregistered securities exchange.
Digital asset firms often blame the "shifting" regulatory landscape for their failures, but in truth, laws haven't changed, and regulators are finally catching on to how technology works.
At least $1.3 billion in revenue were allegedly collected by Bittrex entities acting as broker-dealers, exchanges, and clearing agencies since 2014 without prior registration with the U.S. securities regulator.
The exchange is closing its U.S. operation by end of April 2023 due to “continued regulatory uncertainty.” The platform will suspend all trading on April 14, but customers have until April 30 to withdraw their funds.
While the tradition of delisting BSV on exchanges may seem worrying to traders and investors, the actual reason behind it is far from what everyone has in mind.
Only two months since entering 2023, thousands have been laid off in the digital currency industry, but hopes of a bull market remain, though it may not likely be the same as before.
According to the ESD's Worker Adjustment and Retraining Notification (WARN), the terminations are expected to take effect on April 2 in line with the regulatory guidelines.
Bittrex will settle its $24.3 million penalty for breaching multiple sanctions programs, while Coin Center seeks to tame OFAC's aggression by filing a suit for sanctioning Tornado Cash.
The U.S. judge in charge of Roche Freedman’s class action suit against Bitfinex and Tether called their founding partner’s admission that the firm uses litigation to attack crypto competitors ‘uniquely stupid.’