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Why did Bittrex pay $24 million to the SEC?

Bittrex, a cryptocurrency exchange, agreed to pay $24 million to settle charges from the Securities and Exchange Commission (SEC) that it was operating an unregistered national securities exchange—one of several crypto platforms to face such allegations from the SEC within the last year.

Did Bittrex fail to register with the SEC?

From 2017 to 2022, Bittrex earned at least $1.3 billion in revenues from transaction fees from investors while serving them as a broker, exchange and clearing agency, but they failed to register those activities with the SEC.

Why was Bittrex investigated by the SEC?

The SEC investigated Bittrex because its executive, Shihara, coordinated with crypto asset issuers to delete public statements that Shihara believed would lead regulators to investigate those token offerings as securities. The SEC alleged this in a complaint filed in a U.S. district court in Washington.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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