04-17-2023 icon

US Digital Currency Trading Solution Bittrex Receives Wells Notice From SEC:

By Lucy Adegbe

US-based digital currency trading platform Bittrex is allegedly confronted by possible charges from the United States Securities and Exchange Commission (SEC) notwithstanding its ongoing action to halt services in the nation. 

According to the Wall Street Journal publication on Sunday, the enforcement unit of the United States securities watchdog is disposed to suggest that the regulators charge Bittrex for suspected infringement concerned with shareholders’ protection. 

The enforcement department sent out a notice informing Bittrex of the possible charges from the regulators in the previous month, the platform’s legal adviser David Maria allegedly noted. During that time, the digital currency trading platform already commenced activities to terminate services in the United States, the legal adviser said. 

As stated in the notice of possible enforcement charges, formally tagged as a Wells notice, the regulator accused Bittrex of infringing rules by conducting business operations as a trading platform and a broker without a license issued by the regulatory unit. 

Bittrex’s legal adviser, contradictingly, cited that the firm met with SEC officials, in the late period of last year, to ascertain the registration process of its services. The digital currency trading platform discovered that there was no chance to abide by the SEC laws without terminating almost all of its profitable operations in the region. 

Bittrex is not yet certain whether the regulatory body will begin a lawsuit now that the firm is shutting down services in the region, Maria mentioned.