.BittrexExchange was accused of violating multiple Florida state laws ahead of filing for bankruptcy in May, court filings show. iamsandali reports.
The filing by Brandon Greenberg, assistant general counsel to the Florida Office of Financial Regulation , opposes a request by Bittrex Inc. for, which would block certain creditors from starting or continuing to taking action against a bankrupt estate. Greenberg states the regulator had advised U.S.-based Bittrex Inc. on exploring avenues for settling charges against it.
"Deciding which of those violations to charge or not charge in our Administrative Complaint falls squarely within the OFR’s administrative discretion," Greenberg argued in his declaration. Following its investigation, the OFR issued a three-count complaint to the exchange platform on April 17, Greenberg said in Wednesday's filing. On the same day, the U.S. Securities and Exchange Commission accused the firm ofby operating a securities exchange, broker and clearing agency. The OFR advised the company to follow administrative procedure if it was interested in"having a more substantive discussion and possibly explore avenues for settlement," the filing said.
While Bittrex Inc. surrendered its money transmitter license on April 30, counsel for the platform also"stridently asserted" that although it"may have had regulatory issues in the past, it had been compliant with Florida law since then."
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