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Bittrex A-bit-rekt

Updated: Jun 8, 2023

- Bittrex brief introduction

- Files for Chapter 11 Bankruptcy

- Issue with SEC


Introduction

Bittrex is a popular cryptocurrency exchange platform that allows users to trade over 200 different cryptocurrencies. Founded in 2014 and based in the United States, Bittrex offers a wide range of features for traders, including advanced charting tools and real-time market data.


Popular crypto exchange Bittrex filed for Chapter 11 Bankruptcy on May 8. The bankruptcy announcement came weeks later when the SEC accused Bittrex of bringing in at least 1.3 Billion in illicit revenue.




SEC charged Bittrex for failing to comply with securities law by not registering with them. SEC's complaint alleged as Bittrex failed to register as a broker-dealer, exchange and clearing agency and took a whopping amount of 1.3 Billion in illicit revenue from 2017 and 2022.


The CEO Richie Lai said that Bittrex is ceasing its operation in the US citing the economic and regulatory issues as reasons. At that time, the exchange assured the protection of customer's funds.





Last year, Bittrex agreed to an enforcement settlement of 29 Million USD with US authorities for violating sanctions against countries like Syria, Iran and Cuba.


Reference:

Salvo, M.D. (2023) American crypto exchange Bittrex files for Chapter 11 bankruptcy, Decrypt. Available at: https://decrypt.co/139368/american-crypto-exchange-bittrex-files-for-chapter-11-bankruptcy (Accessed: 15 May 2023).






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