Bittrex Global has issued an official statement confirming the reaching of a settlement with the US Securities and Exchange Commission (SEC). However, the company has little good to say about American regulators, and attempts to deflect any blame for the high-profile lawsuit.
The statement addresses some of the issues raised in the SEC’s lawsuit, which charged that the company had operated an unregistered exchange within the United States. Bittrex moved to have the case dismissed in June.
Bittrex US Will Pay the Fee, Bittrex Global Will Pay Nothing
The company acknowledges there will be a $24 million payout as part of the settlement. However, Bittrex Inc. (also known as Bittrex US) will be responsible for the payment, not Bittrex Global.
This is in keeping with the terms of the settlement as first announced by the SEC on August 10.
In the official statement, Oliver Linch, Bittrex Global CEO, praised the outcome but also sounded a sober note:
“We are delighted that a settlement on these terms has been quickly reached. While it is good news for Bittrex Global, now is not the time for a victory lap. Instead, with this matter behind us, we can concentrate on building our vision for the future of crypto.”
However, Linch also appeared to take a swipe at crypto regulation in America. The statement said that the exchange was “proud to be regulated in Liechtenstein and Bermuda, two of the leading and most respected jurisdictions for regulatory oversight of crypto in the world.”
Clearly, the settlement talks had not left Bittrex with a high opinion of US regulators. Hence Bittrex would much rather do business in offshore and European jurisdictions that are more crypto-friendly.
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Author: Josh Adams
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