SEC Announces Settlement with Crypto Asset Trading Platform Bittrex and Co-Founder William Shihara.

SEC Announces Settlement with Crypto Asset Trading Platform Bittrex and Co-Founder William Shihara.

The Securities and Exchange Commission (SEC) announced that Bittrex Inc, a crypto asset trading platform, and its co-founder and former CEO, William Shihara, have agreed to settle charges for operating an unregistered national securities exchange, broker and clearing agency. Furthermore, Bittrex Global GmbH, the platform's foreign affiliate, has agreed to settle for failing to register as a national securities exchange. Those charged are required to pay an aggregate of $24 million in disgorgement, interest and a civil penalty to settle the charges. As part of the deal, Bittrex and Shihara agreed to be permanently enjoined from violating Sections 5, 15(a), and 17A of the Securities Exchange Act of 1934 while Bittrex Global is permanently enjoined from violating Section 5 of the same Act. The SEC's Crypto Assets and Cyber Unit, Market Abuse Unit and New York Regional Office conducted the investigation into the matter with Mark R. Sylvester, Jorge Tenreiro and David Hirsch supervising. The SEC's litigation was supervised by Ladan Stewart and Olivia Choe with Ben Kuruvilla, Michael Welsh and Christopher Carney conducting. In addition, Therese Sechuer and Patricia Schrage were handling the case in bankruptcy court under the supervision of Alistaire Bambach.