VADUZ, Liechtenstein, April 17, 2023 /PRNewswire/ -- Bittrex Global released the following statement today following notice that the U.S. Securities and Exchange Commission ("SEC") has initiated civil proceedings against the company for allegedly operating an unregistered exchange in the U.S.:
"The SEC has initiated these proceedings despite the fact that Bittrex Global has no U.S. customers, has never held itself out as doing business in the U.S. or with U.S. persons, and has taken pains to disclose to U.S. persons that they are not permitted to use its exchange. Bittrex U.S. -- which operated in the U.S. until it announced in March 2023 that it was winding down operations citing regulatory uncertainty -- was and is legally and operationally distinct from Bittrex Global.
"The SEC issued its preliminary view (a so-called "Wells Notice") to Bittrex Global less than a month ago without any prior contact whatsoever with Bittrex Global. At no point has the SEC written to us to request any information or documentation at any stage. The Commission authorised filing the lawsuit without ever hearing from us in writing.
"Bittrex Global was willing to work productively with the SEC -- as we do with all regulators -- to explain our position. It has become clear that the SEC is not interested in such discussions. As a result, Bittrex Global will instead make those explanations -- which we anticipate will be compelling -- to a court, as we vigorously defend these allegations in the U.S.
"Bittrex Global was founded upon principles of security and compliance -- and we take great pride in our global reputation as one of the longest-standing and most compliant exchanges in the world. Our highest priority continues to be our customers and adherence to our legal and regulatory obligations. All Bittrex Global customer funds continue to be safe and accessible, and we remain committed to providing our customers with the safest, most secure, and most compliant exchange in the market."
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