According to a recent report, the cryptocurrency exchange Bittrex received a Wells notice from the U.S. Securities and Exchange Commission (SEC).
According to a recent report, the cryptocurrency exchange Bittrex received a Wells notice from the U.S. Securities and Exchange Commission in March, signaling a potential lawsuit. The SEC’s enforcement division sent the Wells notice prior to Bittrex deciding to wind down its operations in the United States.On Sunday, April 16, 2023, the Wall Street Journal that the cryptocurrency exchange Bittrex was informed of a potential lawsuit and enforcement action in the form of a Wells notice.
Bittrex’s general counsel, David Maria, stated that the Wells notice pertains to alleged violations of investor-protection laws. According to the WSJ report by Dave Michaels and Mengqi Sun, Bittrex has been under investigation by the SEC since 2017, and during this time, the exchange has received “multiple subpoenas” from the U.S. securities regulator.
Bittrex’s general counsel also mentioned that last year, the exchange looked into registering with the regulator but discovered that it would not be feasible. Maria informed the WSJ that the regulations surrounding cryptocurrency in the United States are unclear. “The lack of regulatory clarity results in significant costs and uncertainty about what can and cannot be offered,” the lawyer stated. He revealed that the exchange is unsure if the SEC will pursue litigation.
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