- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2023-08-11T15:19:00
The Securities and Exchange Commission (SEC) ordered cryptocurrency trading platform Bittrex and its foreign affiliate to pay $24 million for running an unregistered national securities exchange, broker, and clearing agency.
Bittrex and Bittrex Global agreed to pay disgorgement of $14.4 million, a civil penalty of $5.6 million, and prejudgment interest of $4 million, the SEC announced in a press release Thursday. The settlement is subject to court approval.
The settlement resolves charges announced in April against Bittrex and its co-founder and former Chief Executive William Shihara. In March, Bittrex disclosed plans to exit the U.S. market after deeming operations in the country “no longer feasible” amid heightened regulatory scrutiny. In May, the company filed for bankruptcy in the United States.
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Commissioner Caroline Pham of the Commodity Futures Trading Commission proposed the agency develop a regulatory pilot program for digital asset markets where new initiatives could be introduced and refined.
Online brokerage Robinhood Markets disclosed in a quarterly filing it is under investigation regarding the quality of its brokerage execution.
A judge’s ruling the token XRP does not intrinsically possess the characteristics of a security that must be registered with the Securities and Exchange Commission has not cleared the uncertainty that remains around the regulation of digital assets, according to experts.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
