Bittrex, Inc. Statement on SEC Settlement

SEATTLE–(BUSINESS WIRE)–Bittrex, Inc. released the following statement today regarding the company’s settlement with the SEC:

“We are happy to have resolved the SEC’s alleged $1.3 billion enforcement action for $24 million. Having announced that it would cease operations in the United States before the SEC filed its complaint, the company determined that it was in its best interest to avoid costly and protracted litigation that could cause significant delay to the conclusion of the chapter 11 bankruptcy process. Notably, the SEC’s complaint did not allege that any Bittrex customer suffered financial harm, and we expect all remaining customer claims to be paid fully in the chapter 11 process. The settlement, which was for a fraction of the money that SEC staff demanded before they filed their case, is on a neither admit nor deny basis. This settlement also resolves the action against Bittrex Global, allowing Bittrex Global to continue operating without any interruption of its business.

We are disappointed that where we agreed neither to admit nor deny the allegations in the complaint, a term we are honoring, the SEC has decided to issue a press release contrary to the spirit of the settlement. It is telling that the SEC decided to settle this matter instead of addressing the arguments made in the defendants’ motions to dismiss (which is now withdrawn under the terms of the settlement, but still available on the public docket).”

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