Crypto exchange Bittrex has agreed to a $24 million settlement with the U.S. Securities and Exchange Commission (SEC), bringing to a close allegations of offering unregistered securities to American investors.

The announcement, made on Thursday, comes within two months of Bittrex’s bankruptcy filing and follows the trend of regulatory scrutiny facing cryptocurrency exchanges.

Bittrex’s Position and SEC’s Allegations

Bittrex, which filed for bankruptcy in May, was sued by the SEC earlier this year. The regulator’s charges revolved around the simultaneous operation of the company as a securities exchange, broker, and clearinghouse without appropriate registration, allegations that have also been leveledd at Coinbase and Binance.US.

According to the settlement agreement, Bittrex neither admits nor denies the allegations. The terms also stipulate that Bittrex will have 90 days after its liquidation plan is effective to pay the SEC, and any delays may prompt the regulator to seek court judgment.

SEC Enforcement Director Gurbir Grewal said the following in an official statement:

“Today’s settlement makes clear that you cannot escape liability by simply changing labels or altering descriptions, because what matters is the economic realities of those offerings [as such].”

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Author: Vince Dioquino

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