- Bittrex filed for chapter simply over a month after being sued by the SEC.
- The change lists liabilities and property totaling $1 billion.
- The event comes days after Bittrex US notified its customers to withdraw their funds.
Cryptocurrency change Bittrex has formally filed for Chapter 11 chapter safety within the US. The chapter submitting comes only a month after the US Securities and Change Fee (SEC) charged Bittrex with repeated violations of the nation’s safety rules.
Might 8 In a chapter submitting within the U.S. Chapter Court docket for the District of Delaware, Bittrex stated it has between $500 billion and $1 billion. USD property, 500-1 billion USD liabilities and greater than 100,000 collectors.
Bittrex World GmbH, a Liechtenstein-based world buying and selling firm, will not be concerned within the chapter safety submitting. This is applicable solely to Bittrex US and its associates.
We would like to offer extra context relating to Bittrex US’s choice to file for Chapter 11.
— Bittrex World (@BittrexGlobal) in 2023 Might 9
SEC lawsuit in opposition to Bittrex
The US SEC filed a lawsuit in opposition to Bittrex in federal courtroom final month, alleging that the change violated securities rules between 2017 and 2022, leading to not less than $1.3 billion in earnings.
The SEC alleges that Bittrex at instances acted as an change, brokerage and clearing company with out submitting the required paperwork. Moreover, the lawsuit classifies three tokens (ALGO, OMG, and DASH) as unregistered securities.
