1. BITBILIHome
  2. Article

Crypto exchange Bittrex faces potential lawsuit in Florida

• 47 views

TL;DR Breakdown

  • The Florida Office of Financial Regulation (OFR) is contemplating taking action against Bittrex, a cryptocurrency exchange based in the United States.
  • On April 17, the U.S. Securities and Exchange Commission (SEC) filed a complaint against the exchange. 
  • Bittrex surrendered its Florida money transmitter license on April 30, and on May 8, the exchange filed for bankruptcy. 

Description

The Florida Office of Financial Regulation (OFR) is contemplating taking action against Bittrex, a cryptocurrency exchange based in the United States, which recently filed for Chapter 11 bankruptcy protection. The OFR’s assistant general counsel, Brandon Greenberg, stated in a filing with the U.S. Bankruptcy Court for the District of Delaware on July 5 that the … Read more

The Florida Office of Financial Regulation (OFR) is contemplating taking action against Bittrex, a cryptocurrency exchange based in the United States, which recently filed for Chapter 11 bankruptcy protection. The OFR’s assistant general counsel, Brandon Greenberg, stated in a filing with the U.S. Bankruptcy Court for the District of Delaware on July 5 that the state regulator had received information about Bittrex’s alleged failure to comply with Florida law. However, Greenberg also mentioned that the OFR had the discretion to decide whether or not to charge Bittrex.

The exchange has been facing several challenges recently. On April 17, the U.S. Securities and Exchange Commission (SEC) filed a complaint against the exchange. Subsequently, Bittrex surrendered its Florida money transmitter license on April 30, and on May 8, the exchange filed for bankruptcy. 

The OFR had previously stated that the exchange surrendering its license would not hinder its prosecution of the SEC’s complaint, which included allegations of failure to segregate customer assets, failure to maintain a surety bond, and another redacted complaint.

Bittrex vs SEC

The SEC’s enforcement action, the bankruptcy case, and the potential lawsuit in Florida all followed the exchange’s announcement in April that it would wind down its operations in the United States by April, citing ongoing regulatory uncertainty in the country. On June 15, the exchange informed certain users that they could access their accounts and withdraw funds until August 31.

It is worth noting that while the SEC filed separate charges against Bittrex Global in April, the global arm of the exchange has largely remained unaffected by the regulatory and financial issues faced by its U.S. counterpart. Bittrex Global is regulated in Liechtenstein and Bermuda, providing it with a different regulatory environment.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Crypto exchange Bittrex faces potential lawsuit in Florida

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月8日 12:29
Next 2023年7月8日 13:31

Related articles

  • Justin Sun and his company get approved more time in SEC fight

    TL;DR Breakdown Justin Sun and his company, Rainberry, have been granted an extension by the U.S. Securities and Exchange Commission (SEC) in their ongoing case, moving the deadline to December 8, 2023. The primary allegations from the SEC revolve around Sun and his associated entities offering TRX and BTT as unregistered securities. Sun has also been accused by the SEC of manipulating the market value of TRX. Description When the dust seemed to settle and most thought the dice had been cast, Sun and his company, Rainberry, received a lifeline. A judicial nod from the U.S. Securities and Exchange Commission (SEC) has granted an extended timeline for the defense, setting a new deadline: December 8, 2023. It’s a pivotal moment in a case … Read more When the dust seemed to settle and most thought the dice had been cast, Sun and his company, Rainberry, received a lifeline. A judicial nod from the U.S. Securities and Exchange Commission (SEC) has granted an extended timeline for the defense, setting a new deadline: December 8, 2023. It’s a pivotal moment in a…

    Article 2023年9月25日

  • Ban Binance and save Naira, proposes Nigerian trade association

    TL;DR Breakdown The Association of Bureau De Change Operators of Nigeria (ABCON), has called on the Nigerian government to impose a ban on Binance (BNB), citing concerns over its impact on the country’s national currency, the Naira.  Alhaji Aminu Gwadabe, the President of ABCON, expressed to the media that the exchange has emerged as a central hub for both Nigeria’s official currency exchange market and the parallel market for USD. Besides facing regulatory scrutiny in the United States, the exchange has encountered similar issues in Nigeria. Description The Association of Bureau De Change Operators of Nigeria (ABCON), a prominent trade association in Nigeria, has called on the Nigerian government to impose a ban on the popular cryptocurrency exchange Binance (BNB), citing concerns over its impact on the country’s national currency, the Naira. ABCON, which functions as a self-regulatory body representing all licensed … Read more The Association of Bureau De Change Operators of Nigeria (ABCON), a prominent trade association in Nigeria, has called on the Nigerian government to impose a ban on the popular cryptocurrency exchange Binance (BNB), citing concerns…

    Article 2023年8月11日

  • Binance Revolutionizes Security: Traders Can Now Secure Collateral at Banks

    TL;DR Breakdown Binance responds to increased demands for enhanced security measures by considering a solution that allows institutional traders to secure their collateral at banks, reducing counterparty risk. Collaborations with FlowBank and Bank Frick are being explored as potential intermediaries for this service, providing an added layer of security and instilling confidence among traders. In response to increased demands for enhanced security measures in the wake of FTX’s collapse, cryptocurrency exchange Binance is reportedly considering a solution that would allow institutional clients to secure their trading collateral at banks. Swiss-based FlowBank and Liechtenstein-based Bank Frick have emerged as potential intermediaries for this service, according to anonymous sources familiar with the matter. Contents hide 1 Binance Responds to Counterparty Risk Concerns 2 A Tri-Party Agreement for Enhanced Security 3 The Future Outlook and Binance CEO’s Perspective 4 Conclusion Binance Responds to Counterparty Risk Concerns In the aftermath of the collapse of FTX, which resulted in significant losses for numerous traders, Binance, a leading cryptocurrency exchange, is actively exploring measures to reduce counterparty risk for its institutional clients. Recognizing the growing demand…

    Article 2023年6月3日

  • Ryan Salame reportedly considering guilty plea in FTX case

    TL;DR Breakdown Former FTX Digital Markets co-CEO Ryan Salame discusses potential criminal charges tied to FTX’s bankruptcy with federal prosecutors. Salame had reportedly agreed in October to cooperate with authorities and testify against SBF. Documents reveal that Salame claimed FTX transferred customer funds to Alameda Research to cover financial losses. Description Ryan Salame, former co-CEO of FTX Digital Markets, is reportedly engaged in discussions with federal prosecutors concerning potential criminal charges linked to FTX’s bankruptcy. Citing individuals familiar with the matter, Bloomberg reported that Salame might soon confess to breaking campaign contribution regulations as part of a plea deal, possibly as early as next month. It’s … Read more Ryan Salame, former co-CEO of FTX Digital Markets, is reportedly engaged in discussions with federal prosecutors concerning potential criminal charges linked to FTX’s bankruptcy. Citing individuals familiar with the matter, Bloomberg reported that Salame might soon confess to breaking campaign contribution regulations as part of a plea deal, possibly as early as next month. It’s worth noting that he had allegedly agreed last October to cooperate with authorities and potentially testify…

    Article 2023年8月9日

  • Wyre gives up in the face of market turbulence and halts operations

    TL;DR Breakdown Wyre has announced that it has started its wind-down process and is currently accepting inquiries from potential buyers of the company’s assets. Wyre’s commitment to consumer safety is ongoing. They said, “After that time, we will have an individual approach to retrieve assets still on the platform. Description Wyre, a crypto payments company based in San Francisco, is closing after almost a decade in business, citing financial difficulties due to the bear market rather than harsh “regulatory agency direction” in the United States. The crypto payment platform has grown in prominence in recent years and is renowned for its user-friendly interface and extensive … Read more Wyre, a crypto payments company based in San Francisco, is closing after almost a decade in business, citing financial difficulties due to the bear market rather than harsh “regulatory agency direction” in the United States. The crypto payment platform has grown in prominence in recent years and is renowned for its user-friendly interface and extensive range of cryptos. The exchange had established a reputation for having robust security protocols and a dedication…

    Article 2023年6月20日
TOP