The US-based cryptocurrency exchange Bittrex has agreed to pay $24 million as a settlement to the Securities and Exchange Commission. In April, the SEC accused Bittrex of offering unregistered securities to US investors, which is a crime. Bittrex’s former CEO and co-founder, William Shihara, was also charged by the SEC.
The SEC has confirmed the payment today in a tweet. They also accused Bittrex’s foreign subsidiary, Bittrex Global GmbH, for failing to register itself as a National Securities Exchange.
However, Bittrex has neither accepted nor rejected the SEC allegations. Moreover, the court has yet to approve the settlement.
Bittrex is not the only one being pursued by the SEC. Crypto exchanges such as Binance and Coinbase are also facing similar charges. However, Coinbase has publicly contradicted the SEC by stating that it knew that the company was trading on the exchanges when it applied to become a public company.
A Bittrex spokesperson stated that they would provide more information about the settlement after the court approves it.