To settle the claims, the Bittrex crypto exchange will pay $ 24 million.

The Bittrex crypto exchange and its former head William Shihara decided to negotiate with the SEC regulator to eliminate charges regarding the management of unregistered securities and other claims. As part of the agreement, the site will pay $ 24 million.

Bittrex proceedings with the SEC: details

The global Bittrex platform was also able to negotiate with the regulator. Recall that the agency decided to send a lawsuit against the crypto exchange and its ex-head. Moreover, the case concerned both the American branch and the international one.

The Commission has complaints about the provision of services to American citizens within the cryptocurrency industry. At the same time, the case concerned coins that the agency recognized as securities.

The Commission reported that the former head tried to make cryptocurrencies more accessible for trading. therefore, he removed some of the problematic points to exclude claims. It should be noted that he managed the site for 5 years, until 2019.

The director for the application of the law of the SEC department, said that for years the platform has been cooperating with coin issuers to remove their statements on the Internet that somehow hint at investment contracts. This was done to try to avoid federal securities legislation. However, they failed to achieve results.

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