Crypto trading platform Bittrex and its co-founder and former CEO William Shihara have reached an agreement with the United States Securities and Exchange Commission (SEC) for running an unregistered exchange.
The SEC announced the settlement on Aug. 10, stating that Bittrex and Bittrex Global would pay $14.4 million to return the profits they made illegally, $4 million in interest, and $5.6 million in fines.
The deal is pending court approval.
According to the SEC’s complaint filed in April, Bittrex and Shihara violated federal laws by operating as an unlicensed national securities exchange, broker and clearing agency.
The SEC also brought a separate enforcement action against Bittrex Global for sharing a single order book with Bittrex.