Bankrupt crypto exchange operator Bittrex Inc. and its non-US affiliate will pay $24 million to settle allegations that they for years shirked Securities and Exchange Commission rules by offering services to US clients without registering with the agency. The SEC in April alleged that Bittrex acted as an unregistered securities exchange, broker and clearing agency from 2017 through 2022 as it brought in at least $1.3 billion in revenue. Since taking over in 2021, SEC Chair Gary Gensler has repeatedly argued that most tokens are subject to his agency’s oversight and that swaths of the industry have been breaking the law. Bittrex Inc. went bankrupt in May.
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