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Unregistered Exchange

All articles tagged with #unregistered exchange

cryptocurrency-regulation2 years ago

Bittrex Settles with SEC for $24M Over Unregistered Securities Charges

The U.S. Securities and Exchange Commission (SEC) has reached a settlement agreement with cryptocurrency trading platform Bittrex and its former CEO William Shihara over allegations of operating an unregistered exchange. Bittrex and Bittrex Global have agreed to pay $14.4 million in disgorgement, $4 million in prejudgment interest, and $5.6 million in civil penalties, subject to court approval. The SEC had filed a complaint in April claiming that Bittrex and Shihara operated an unregistered national securities exchange, broker, and clearing agency. The settlement highlights the SEC's focus on the economic realities of crypto offerings and the need to protect investors.

via Cointelegraph|
#bittrex#cryptocurrency-regulation#sec
cryptocurrency-regulation2 years ago

Bittrex and Former CEO Settle SEC Charges for Unregistered Exchange Operations

Crypto asset trading platform Bittrex Inc. and its former CEO, William Shihara, have agreed to settle charges with the Securities and Exchange Commission (SEC) for operating an unregistered national securities exchange, broker, and clearing agency. Bittrex's foreign affiliate, Bittrex Global GmbH, also settled charges for failing to register as a national securities exchange. The SEC alleged that Bittrex provided services to U.S. investors in connection with crypto assets that were offered and sold as securities, and that Shihara directed issuers to remove certain statements that could trigger regulatory scrutiny. As part of the settlement, Bittrex and Shihara will pay a total of $24 million in disgorgement, prejudgment interest, and civil penalties.

via SEC.gov|
#bittrex#crypto-assets#cryptocurrency-regulation
cryptocurrency2 years ago

SEC Takes Legal Action Against Binance and CEO for Securities Violations and Misuse of Funds.

The Securities and Exchange Commission (SEC) has filed 13 charges against Binance Holdings, BAM Trading Services, and their founder Changpeng Zhao for violating securities laws. The charges include operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls and oversight, and the unregistered offer and sale of securities. The SEC alleges that Binance and BAM Trading earned at least $11.6 billion in revenue from transaction fees from US customers. The complaint also notes that Binance secretly has control over assets staked by US customers in BAM’s staking program.

via SEC.gov|
#binance#changpeng-zhao#cryptocurrency
cryptocurrency2 years ago

SEC Charges Bittrex and Former CEO for Unregistered Securities Exchange

The SEC has charged Bittrex and its former CEO for operating an unregistered national securities exchange, broker, and clearing agency. Bittrex Global GmbH was also charged for failing to register as a national securities exchange. The complaint alleges that Bittrex coordinated with issuers to delete problematic statements that would lead regulators to investigate the crypto asset as the offering of a security. Bittrex earned at least $1.3 billion in revenues from transaction fees from investors, including U.S. investors, while servicing them as a broker, exchange, and clearing agency without registering any of these activities with the Commission.

via SEC.gov|
#bittrex#broker#cryptocurrency
cryptocurrency2 years ago

Beaxy Crypto Exchange and Executives Face SEC Charges and Shutdown

The SEC has charged Beaxy.com and its executives for operating an unregistered exchange, broker, and clearing agency. The founder of the platform, Artak Hamazaspyan, and a company he controlled, Beaxy Digital, Ltd., were also charged with raising $8 million in an unregistered offering of the Beaxy token (BXY) and alleged misappropriation of at least $900,000 for personal use. Market makers operating on the Beaxy Platform were also charged as unregistered dealers. The SEC has ordered the defendants to cease all activities as an unregistered exchange, clearing agency, broker, and dealer, shut down the Beaxy Platform, and pay civil penalties.

via SEC.gov|
#beaxy#broker#clearing-agency
cryptocurrency2 years ago

Beaxy Crypto Exchange Forced to Shut Down by SEC Lawsuit.

Crypto exchange Beaxy has shut down after the US Securities and Exchange Commission (SEC) charged the company and its founder with operating an unregistered exchange and brokerage, as well as illegally raising $8m in the offering of an unregistered security with its BXY token. The SEC also accused the founder of misappropriating at least $900,000 for personal use. Customers of the exchange will be able to withdraw their assets within 24 hours after all user orders are canceled and balances are verified and are encouraged to do so within 30 days, the SEC said.

via CoinDesk|
#beaxy#bxy-token#crypto-assets