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The US Securities and Exchange Commission (SEC) on Monday charged crypto platform Bittrex over non-compliance related accusations. The complaint follows a Wells notice in March 2023, after which the crypto exchange announced it was winding up US operations. However, it was only on Sunday that reports revealed about the Wells notice that preceded the exchange’s decision to leave notice. This move adds to the US SEC’s growing list of crypto businesses under its radar.
Also Read: Terra Luna Classic Supports Parameter Change Proposal, LUNC Price Dump Coming?
In its complaint, the agency also charged Bittrex co-founder William Shihara for operating “an unregistered national securities exchange, broker, and clearing agency.” The SEC also charged Bittrex’s foreign affiliate, Bittrex Global GmbH, for failing to register as a national securities exchange over its operation of a single shared order book along with Bittrex.
Investor Protection
Gurbir Grewal, Director of the SEC’s Division of Enforcement, alleged that Bittrex repeatedly chose profits over investor protection. He added in the complaint that the exchange depended on circumventing registration requirements of the federal securities laws. Interestingly, the agency said it would like to send out a message to other crypto players with this complaint.
“Today’s action not only holds Bittrex accountable for misconduct that we allege put investors at risk, but should also send a message to other non-compliant crypto market intermediaries to follow the federal securities laws or be held accountable for their violations.”
The regulatory agency said CEO Shihara ensured “problematic statements” from public domain are deleted to prevent agencies from probing the aspect of selling crypto assets as securities. The deleted statements included terms like “price prediction” and “expectation of profit” among others, it added.
Also Read: 4 Key US SEC Crypto Lawsuit Failures Every Investor Should Know
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto News: The global digital asset market looked calm despite the fall for crypto exchange Bittrex U.S. Bitcoin (BTC), the world’s largest crypto printed green indexes to trade above the recently regained $28K price level.
Bittrex U.S. Falls Due To Legal Clarity
Bittrex U.S. announced that it is ceasing operations from April 30, 2023. However, it added that customer funds are safe and available for withdrawal. However, this downturn won’t affect its global operation and user funds.
Richie Lai, Bittrex Co-founder and CEO highlighted that this is the direct result of continued regulatory uncertainty. This involves a lack of interest in the U.S. financial regulators in order to frame required policies to foster innovation.
He added that where global policymakers and regulators work with crypto exchanges to generate opportunities, US regulators are extinguishing the industry and sending it overseas. Read More Crypto News Here…
U.S. regulators like Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have been alleged of not providing clarity over crypto regulations. Recently, CFTC charged Binance, the worls’s largest crypto exchange and its CEO, CZ for violating federal law. However, it alleged that it have been operating illegal digital asset exchange.
US SEC is already involved in a lawsuit with Ripple Labs. The verdict in the long running legal battle is expected to provide a regulatory clarity around the crypto space. However, the XRP lawsuit is nearing towards much anticipated summary judgement.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The biggest news in the cryptoverse for Oct. 24 includes a recent spike in Bitcoin mining difficulty leading to a new ATH, FTX agreeing to compensate its users’ losses to a phishing attack, and on-chain data reveals Binance and Bittrex were also attacked.
Bitcoin mining difficulty rises 3.4%, reaching new ATH
Another spike in mining difficulty was recorded on Oct. 24. It increased by 3.4% to reach 36.84 trillion, marking a new ATH. With that, the mining difficulty ribbon got compressed at the bottom, historically signaling a good buying opportunity for Bitcoin.
FTX compensating users who lost $6M to phishing attacks “just this once,” says SBF
FTX, and was exposed to phishing attacks via 3Commas on Oct. 12. 3Commas is a platform that enables users to build automated trading bots, and its FTC users were targeted by phishing attackers who used fake 3Commas websites.
12) Anyway–not only was this not FTX getting phished, it wasn’t even an FTX site.
And in general we can’t compensate for users getting phished by fake versions of other companies in the space! It isn’t FTX and we have basically no control over it.
— SBF (@SBF_FTX) October 23, 2022
FTX’s CEO Sam Bankman-Fried acknowledged the span of the attack and said FTX would compensate its users’ losses “as a one time ting” since it wasn’t “FTX getting phished, it wasn’t even an FTX site.”
On-chain data reveals Binance US, Bittrex also targeted by API attack used on FTX
According to a joint report by X-explore and WuBlockchain, Binance US and Bittrex were also attacked by the same phishing scam FTX suffered.
The report states:
“X-explore found that the attackers in the FTX&3commas API theft also attacked Binance US and Bittrex exchanges, stealing 1053ETH and 301ETH respectively. At present, the attack on Bittrex is still in progress.“
Crypto staking platform Freeway halts withdrawals, FatManTerra alleges Ponzi scheme
Crypto staking platform Freeway pointed out the market volatility as the reason and halted withdrawals and deposits. The announcement cited that the firm “has decided to diversify its asset base” to avoid market volatility in the future.
Two hours ago, Freeway halted all platform withdrawals. They also wiped the names of all team members from their website. It looks like it’s over. Another $100m+ rug. https://t.co/CUHZRygRGM pic.twitter.com/BJE4QMtkPy
— FatMan (@FatManTerra) October 23, 2022
Crypto influencer FatManTerra, cited the news and pointed out that the Freeway team deleted all their names from the website, saying that the Freeway protocol might be another rug pull.
FTX Sam Bankman-Fried hints at Cardano listing
FTX’s CEO Sam Bankman-Fried hinted that the exchange might soon list Cardano’s ADA for spot trading.
SBF made this comment via his Twitter account in response to a Cardano investor who said FTX refused to list ADA because it perceived the asset “as a threat to everything they want to control.”
Mango Market’s hacker rug pulls Mango Inu after warning investors would “definitely lose all your money”
The Mango Markets hacker, Avraham Eisenberg, tweeted about creating Mango Inu, which is a meme coin based on Eisenberg’s Mango Markets exploit.
The other day I deployed a shitcoin called Mango Inu and did absolutely no promotion. It got over 250k invested/gambled in like a half hour.
We’re still so far away from the bottom.
(to be clear if you buy this you will definitely lose all your money)
— Avraham Eisenberg (@avi_eisen) October 23, 2022
On Oct. 24, Eisenberg admitted to rug-pulling the Mango Inu project and claimed it was done legally since he warned the investors about “definitely” losing their money.
Cathie Wood $100k Bitcoin investment reportedly made over $7M profit
Founder of Ark Invest, Cathie Wood, revealed that she made a $100,000 investment in Bitcoin back when it was priced at $250. Today, her investment equals over $7 million in profit.
Ex-OpenSea exec dodges insider trading charge, wire fraud trial to continue
In early June, the U.S. Department of Justice (DOJ) charged former OpenSea employee Nate Chastain with wire fraud and insider trading charges. The DOJ had claimed that Chastain allegedly misappropriated insider information from OpenSea.
On Oct. 24, Judge Jesse Furman decided that the insider trading charges must involve securities or commodities. Since neither was involved in Chastain’s case, the usage of the phrase “insider trading” in his case is misleading. Chastain’s trial on wire fraud will remain intact.
US DOJ charges two Chinese agents for bribing FBI agent with BTC
The U.S. Department of Justice (DOJ) charged two Chinese intelligence agents for allegedly paying $61,000 worth of Bitcoin to an FBI double agent.
Chinese agents Guochun He and Zheng Wang allegedly bribed FBI agents to steal documents that revealed the government investigation strategy against a Chinese telecommunications company.
Quickswap to close lending market following $220K exploit
Decentralized exchange QuickSwap said that it would close its lending pool because of the Market XYZ exploit. Market XYZ was used with a flash loan attack on Oct. 24.
Wintermute CEO argues Crypto Twitter “doesn’t matter” as much as “U.S. regulators, politicians” in response to SBF discourse
FTX CEO Sam Bankman-Fried shared his opinions about crypto regulations on Oct. 19. Wintermute CEO Evgeny Gaevoy tweeted on Oct.23 to ask for the community’s comments on SBF’s framework.
Gaevoy said that crypto Twitter is a “tiny subset of the world” and “doesn’t matter.” Instead, he added, “U.S. regulators and politicians as well as broader user base matter way more.”
News from around the Cryptoverse
Hong Kong rolls its sleeves on crypto regulations
Hong Kong, Securities and Futures Commission, confirmed that they are considering allowing retail investors to trade crypto assets, according to local news sources directly.
In order to implement this change, Hong Kong will introduce a comprehensive crypto framework, including the digital Hong Kong dollar and a proper licensing and regulatory framework.
Crypto Market
In the last 24 hours, Bitcoin (BTC) decreased by -0.64% to trade at $19,347, while Ethereum (ETH) spiked by +1.42% to trade at $1,349.
Biggest Gainers (24h)
Biggest Losers (24h)
As another significant exchange joins the list, Shiba Inu (SHIB) is now formally listed on Bittrex, the leading cryptocurrency exchange in the United States. In September 2018, competitor Dogecoin was published on Bittrex.
Shiba Inu is presently tradable on a number of renowned cryptocurrency exchanges, notably Binance, Coinbase, Gemini, and others, as a consequence of numerous listings since last year.
SHIB was finally listed on the well-known cryptocurrency exchange Bitstamp in June, while stock trading platform Robinhood did so in April.
Late this month, the Switchere Exchange also revealed the listing of the SHIB, LEASH, and BONE Shiba Inu trio. As was previously reported, the German-based financial services company Vivid Money also endorsed SHIB around that period.
Shiba Inu keeps burning away
Over 43,143,474 SHIB tokens have been burnt in the last day, according to the Shib burn Twitter handle, which reports 14 transactions.
Shiba Inu whales, or huge holders, are on the move, according to IntoTheBlock statistics, as large transactions have increased by 30% over the past day.
The average transaction is frequently in excess of $100,000, and notable spikes in transaction volume are periodically associated with increased activity by whales that are transacting heavily on SHIB.
SHIB has achieved a brand-new milestone that breaks records. There are now 1,202,755 Shiba Inu holders registered, according to WhaleStats. Among the top 100 ETH whales, SHIB now holds the position with the most number of tokens held.
SHIB’s price once again achieved the support level of $0.000010 after it had been broken on July 13. SHIB was trading up 5.8 percent at $$0.00001087 at the time of publishing.
Shiba Inu (SHIB) is now officially listed on the top U.S. crypto exchange, Bittrex, adding another major exchange to the roster. For comparison, rival Dogecoin was listed on Bittrex in September 2018.
$SHIB wallet is open and trading has now begun on https://t.co/djef1QPdOc https://t.co/egNBcF4wYP
— Bittrex (@BittrexExchange) July 14, 2022
As a result of several listings since last year, Shiba Inu is currently tradeable on several well-known cryptocurrency exchanges, including Binance, Coinbase, Gemini and others. According to U.Today, Shiba Inu was eventually listed on the popular cryptocurrency market Bitstamp in June, while stock trading app Robinhood did so in April.
Switchere exchange, late this month, also announced the listing of the Shiba Inu trio of SHIB, LEASH and BONE. Within the same timeframe, German-based financial services firm Vivid Money also expressed support for SHIB, as previously reported.
More than 43 million SHIB burned
According to the Shib burn Twitter handle, 14 transactions have been made, and over 43,143,474 SHIB tokens have been burned within the last 24 hours.
Ads
In the past 24 hours, there have been a total of 43,143,474 $SHIB tokens burned and 14 transactions. Visit https://t.co/t0eRMnhnPL to view the overall total of #SHIB tokens burned, circulating supply, and more. #shibarmy
— Shibburn (@shibburn) July 15, 2022
Per IntoTheBlock data, Shiba Inu whales, or major holders, are on the move since large transactions have spiked by 30% in the last day. A typical transaction is often more than $100,000, and significant surges in transaction volume are occasionally linked to increased activity from whales that are either buying or selling.
Shiba Inu has accomplished a brand new record-breaking milestone. According to WhaleStats, the Shiba Inu holder count is now 1,202,755. Shiba Inu now holds the biggest token position among the top 100 ETH whales.
The psychological level of $0.000010 was once again attained by Shiba Inu’s price after it had been breached on July 13. At the time of publication, SHIB was trading up 4.8% at $0.0000107.
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► Overview 
Bittrex was started in 2014 and is based in Seattle, Washington. They are well known in the cryptocurrency community for their range of extensive assets.
For example, they have over 250 coins that you can buy on their exchange. For some of these coins, they are the only exchange where you can actually buy them.
Bittrex was founded by a group of ex cyber-security experts who used to work at Amazon. Given this expertise in the exchange, there have been no hacks and breaches at the exchange as of yet. They operate an extensive cold storage and multi-sig key management protocol.
In terms of fees on the exchange, they have a flat rated fee. This is 0.25% which is applied to all coins with all volume levels. This is about the standard that is applied at other cryptocurrency exchanges such a Bitstamp et al.
In terms of funding / withdrawals, Bittrex has recently made the news in that they introduced Fiat funding. They are able to accept inward USD wires which means that it is one of the few places that you can get your altcoins with fiat currency. For personal accounts, the minimum deposit amount is $1,000 and the minimum withdrawal amount is set to $50.
Unfortunately, Bittrex has recently introduced full KYC for all of their accounts. This means that you are not allowed anonymous accounts on the exchange and you will have to become fully verified should you wish to trade on their exchange.
Verification times used to be incredibly long during the 2017 bull run but have dropped substantially as markets have calmed down. You should expect verification in under 3 business days.
In terms of the trading platform, it is quite advanced and Bittrex makes use of trading view charts. This means that technical traders can use a platform that they are quite familiar with from other exchanges and brokers.
The exchange has also developed quite an effective trading and matching engine. This means that they are able to quickly and effectively execute the orders that you place on their order books. In terms of these orders, they have a range of more bespoke order options that you can make use of.
Bittrex also has a pretty robust API that can be used by developers to code their own bots and trading algorithms. Unfortunately, there are no PC clients or mobile apps for Bittrex. While there may be third party applications, we suggest that you avoid these.
In summary, Bittrex seems to be a pretty reasonable exchange. They have large range of coins that you can now trade and they also have a pretty secure coin management protocol. While the verification requirement may be annoying for some traders, it is now seen as a particular requirement for operating as a fiat gateway.
Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.
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