Crypto Exchange Bittrex Files for Bankruptcy Following SEC Enforcement Action After Nearly a Decade in Business
Seattle-based crypto change Bittrex has filed for chapter because it faces ongoing regulatory challenges in the USA.
Richie Lai, the change’s co-founder and chief govt, acknowledged the submitting in a tweet on Monday.
“Sure, we filed chap 11. Sure, we nonetheless have 100% of all buyer funds. Sure, there might be a claims course of by way of the chapter courts. This was the cleanest method to bury the child — RIP Bittrex Trade.”
Bittrex notes on its web site that the chapter announcement doesn’t affect the change’s overseas affiliate, Bittrex World, which “will proceed operations as regular for its prospects exterior the US.”
Final month, the U.S. Securities and Trade Fee (SEC) charged Bittrex and its co-founder and former CEO William Shihara with working an unregistered nationwide securities change, dealer, and clearing company.
The SEC additionally charged Bittrex World for failing to register as a nationwide securities change in reference to its operation of a single shared order e book with the Seattle-based firm.
The regulator alleges that Omise Go (OMG), Algorand (ALGO), Sprint (DASH), Tokencard (TKN), i-Home Token (IHT) and Naga (NGC) are securities. All six had been accessible for buying and selling on Bittrex.
Bittrex started winding down its operations within the US in late March. The change says prospects who haven’t but withdrawn their funds will obtain them in a distribution organized by a chapter court docket in Delaware.
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