The US Securities and Exchange Commission (SEC) has charged crypto exchange Bittrex and its Co-Founder, William Shihara, for operating an unregistered securities exchange.
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The watchdog also said in a press release on Monday that the exchange operated as a broker and clearing agency. The SEC has also charged Bittrex's foreign affiliate, Bittrex Global GmbH, for failing to register as a securities exchange.
The SEC claims that since 2014, Bittrex facilitated trades with crypto assets that the regulator alleges were offered as securities, without naming them. SEC Chair, Gary Gensler, says "cosmetic alterations" didn't change the underlying economic realities at Bittrex. As of press time, Bittrex made no statements regarding the matter.
It's worth noting that in early April, Bittrex left the US market, citing "continued regulatory uncertainty." Bittrex added it's "not economically viable" for the platform to continue to operate in the country given the regulatory and economic environment.
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