Bittrex, a cryptocurrency exchange, agreed to pay $24 million to settle charges from the Securities and Exchange Commission (SEC) that it was operating an unregistered national securities exchange—one of several crypto platforms to face such allegations from the SEC within the last year.
Is Bittrex considered an unregistered broker?
Bittrex was charged in April for allegedly operating as an unregistered broker, national securities exchange, and securities intermediary, according to a filing. The platform reportedly earned at least $1.3 billion in revenues from investor transaction fees.
Did Bittrex fail to register with the SEC?
From 2017 to 2022, Bittrex earned at least $1.3 billion in revenues from transaction fees from investors while serving them as a broker, exchange and clearing agency, but they failed to register those activities with the SEC.
