• Bittrex Global and the US Securities and Exchange Commission (SEC) have reached a successful settlement in relation to its 17 April charge against the company for allegedly operating an unregistered exchange in the US.
• The settlement agreement includes a $24 million payment, which will be paid by Bittrex Inc., and not by Bittrex Global.
• Bittrex Global is proud to be regulated in Liechtenstein and Bermuda, two of the leading jurisdictions for regulatory oversight of crypto in the world.
Bittrex Global Reaches Successful Settlement with SEC
Bittrex Global released a statement announcing that they have successfully settled with the US Securities and Exchange Commission (SEC) after submitting their motion to dismiss the action against them in June. The settlement agreement included a payment of $24 million which will be paid by Bittrex Inc. With this matter behind them, they can now focus on providing customers with secure, innovative, and regulated exchanges in the market.
Statement from CEO Oliver Linch
CEO Oliver Linch expressed his delight at reaching a speedy resolution to this issue without going through litigation. He also highlighted their commitment to developing their vision for cryptocurrency as part of a larger financial ecosystem while emphasizing their compliance with stringent regulations in Liechtenstein and Bermuda.
Investment into Regulatory Compliance
Bittrex Global has invested heavily into ensuring that they do not accept customers from within the US, serving clients outside of it instead. They are confident that their reputation as a non-US regulated digital asset exchange is attractive to those wary of having any connection to the country due to its uncertain regulatory environment.
The Future of Crypto Regulation
Linch noted that while this settlement is good news for Bittrex Global, it is not time for celebration yet; rather attention should be given towards building up crypto regulation frameworks that are fit for purpose worldwide. This includes understanding what services digital exchanges should provide as well as how users’ data should be secured efficiently and responsibly.
In conclusion, this successful resolution between Bittrex Global and SEC serves as an example of how productive dialogue between both parties can lead to positive outcomes without resorting to prolonged legal disputes or expensive litigation costs. Going forward, investors around the world can feel reassured knowing there are reliable options when trading cryptocurrencies on regulated exchanges such as those offered by Bittrex Global.