1. BITBILIHome
  2. Article

Crypto exchange Bittrex faces potential lawsuit in Florida

• 20 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

  • Sei token price declines 33% after airdrop expansion

    TL;DR Breakdown Sei token’s price dropped 32.59% to $0.182 after airdrop claims, following a 2000% surge with the mainnet launch. The price drop led to speculation about Sei’s stability, with trading now at a market capitalization of $322 million. Despite the decline, Sei’s mission and unique features suggest potential price stability, with anticipation around Sushiswap’s network debut. Description The Sei Network’s native token, Sei, has experienced a significant 32.59% price drop from $0.27 to $0.182 after opening airdrop claims. However, this decline came on the heels of an initial 2000% surge following the successful launch of the Sei mainnet. FurtThe Sei Foundation released its blockchain in the mainnet beta phase on August 15. … Read more The Sei Network’s native token, Sei, has experienced a significant 32.59% price drop from $0.27 to $0.182 after opening airdrop claims. However, this decline came on the heels of an initial 2000% surge following the successful launch of the Sei mainnet. FurtThe Sei Foundation released its blockchain in the mainnet beta phase on August 15. It later expanded the number of eligible wallets for…

    Article 2023年8月18日

  • Treasury official proposes privacy feature for CBDCs

    TL;DR Breakdown A treasury official has proposed that CBDC should be developed with an element of privacy. Evaluating the implications of a private digital currency. The design of a potential digital dollar should take into account privacy and the ability to transact anonymously, according to a United States Treasury official. Graham Steele, the Assistant Secretary for Financial Institutions at the Treasury Department, emphasized this point during a recent conference focused on payments in Texas. He addressed the Federal Reserve’s FedNow system and central bank digital currencies (CBDCs), highlighting the challenges of minimizing illegal transactions while safeguarding user privacy. The treasury official discusses the importance of anonymity in CBDCs Steele emphasized the importance of preserving privacy and anonymity in the design of any potential retail CBDC. He suggested exploring technologies and methods, including Privacy Enhancing Technologies, that can enable such protections. Recognizing the potential benefits and risks of a CBDC, the treasury official mentioned that it could foster a competitive payment environment. However, he also cautioned that a retail CBDC, directly backed by the Fed, could serve as a safer option…

    Article 2023年6月17日

  • Sturdy Finance reopens after $800,000 hack

    TL;DR Breakdown Sturdy Finance, a decentralized finance (DeFi) protocol, made an announcement on June 16, stating that users can now access their funds once again. The exploit occurred on June 12 and resulted in the loss of 442 Ether, which was valued at around $800,000 at the time. In an interesting move, Sturdy Finance has offered a $100,000 bounty to the hacker who executed the exploit. Sturdy Finance, a decentralized finance (DeFi) protocol, has recently reopened its stablecoin market after a recent exploit on its platform. The lending platform made an announcement on June 16, stating that users can now access their funds once again. Sturdy Finance assured its users that no funds were at risk during the incident and explained that the decision to pause the market was made out of an “abundance of caution.” The stablecoin market is now unpaused, enabling users in this market to access their funds! No funds in this market were ever at risk; the market was only paused out of an abundance of caution. As an additional safety measure, the bb-a-USD pool has…

    Article 2023年6月19日

  • Federal prosecutors accuse former FTX CEO’s defense team of biased juror selection

    TL;DR Breakdown Federal prosecutors have accused the defense team of Sam Bankman-Fried, former FTX CEO, of trying to bias potential jurors in his upcoming criminal trial through controversial voir dire questions. The prosecutors objected to specific questions that they claim are “unnecessarily intrusive” and could give the defense an unfair advantage, while the defense has raised concerns about the government’s conduct and overwhelming evidence. The trial, scheduled to begin on October 6, is already mired in controversies, including leaked writings from Bankman-Fried and disputes over jury selection, making it a high-stakes case in the cryptocurrency industry. Description Federal prosecutors in the Southern District of New York have accused the defense team of Sam Bankman-Fried, the disgraced former CEO of FTX, of attempting to bias potential jurors in the upcoming criminal trial. The prosecutors submitted a filing last Friday, requesting the presiding judge to discard a series of questions proposed by the defense … Read more Federal prosecutors in the Southern District of New York have accused the defense team of Sam Bankman-Fried, the disgraced former CEO of FTX, of attempting…

    Article 2023年9月18日

  • X (Twitter) contests India court’s content blocking orders

    TL;DR Breakdown X has appealed against an Indian court ruling that fined them for not complying with content removal orders, fearing it may lead to increased censorship. The legal battle is entangled with Elon Musk’s business interests in India, including proposals for Tesla and SpaceX. The case’s outcome could set a global precedent concerning digital freedom, government censorship, and the right to free speech online. Description The battle between X (formerly known as Twitter) and the Indian judiciary escalates as the social media giant continues to challenge the court’s ruling. A fine, content censorship, and a complex intersection of business and politics have woven a tale that mirrors a broader struggle for free speech in the online age. A struggle against … Read more The battle between X (formerly known as Twitter) and the Indian judiciary escalates as the social media giant continues to challenge the court’s ruling. A fine, content censorship, and a complex intersection of business and politics have woven a tale that mirrors a broader struggle for free speech in the online age. A struggle against censorship…

    Article 2023年8月3日
TOP