- 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.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
