The Securities and Exchange Commission (SEC) revealed on August 10, 2023, that Bittrex Inc., a prominent crypto trading platform, and its co-founder and erstwhile CEO, William Shihara, have reached a settlement over allegations of operating without proper registrations. The charges encompassed operating an unregistered national securities exchange, broker, and clearing agency. Bittrex’s international counterpart, Bittrex Global GmbH, was similarly implicated for neglecting to register as a national securities exchange.
Documents from the U.S. District Court for the Western District of Washington detail the SEC’s grievances, highlighting Bittrex’s role as an unregistered entity catering to U.S. investors. These investors were allegedly presented with crypto assets that, according to the SEC, were securities in disguise. The narrative deepens with claims that Bittrex, under Shihara’s guidance, advised crypto issuers to erase certain…
