TechFlow news — The U.S. Securities and Exchange Commission (SEC) announced that cryptocurrency exchange Bittrex Inc. and its co-founder and former CEO William Shihara have agreed to settle charges alleging that they operated an unregistered national securities exchange, broker-dealer, and clearing agency. Bittrex Global GmbH, a foreign subsidiary of Bittrex Inc., has also agreed to settle charges for failing to register as a national securities exchange.
As part of the settlement, the defendants neither admit nor deny the SEC's allegations. Additionally, Bittrex and Bittrex Global have agreed to jointly pay $14.4 million in disgorgement, $4 million in prejudgment interest, and $5.6 million in civil penalties, amounting to a total of $24 million.
