The CEO of Bittrex Global, Oliver Linch, believes that crypto should be viewed as a new component of traditional finance rather than trying to fit into existing financial products. Linch argues that it is ineffective to analyze crypto through the lens of traditional finance and that it should be considered a brand-new thing in the traditional finance space. He suggests that in 5 to 10 years, crypto will seamlessly integrate into traditional finance, and events like Bitcoin Miami will no longer exist. Bittrex Global's US arm recently filed for Chapter 11 bankruptcy, citing a challenging regulatory and economic environment in the United States.

Crypto companies are grappling with the question of whether tokens can be considered securities in the US, with Ripple already spending over $200 million on defense costs after being sued by the SEC for selling XRP tokens as an unregistered security. Meanwhile, the Arbitrum Foundation plans to reward Ether tokens worth over $6 million to holders of its ARB token, which has raised concerns about the classification of ARB tokens as securities. In other news, a new blockchain network called Canton, built on Digital Asset's smart contract language Daml and backed by Microsoft and Goldman Sachs, is being developed for companies working with institutional assets. Additionally, cryptocurrency trading platform Bittrex has filed for Chapter 11 bankruptcy protection following SEC charges and claims from the US Treasury's Office of Foreign Assets Control.

Bittrex's US and Maltese arms have processed $425 million in withdrawals since announcing plans to wind down US operations. T

Bittrex, a cryptocurrency exchange, has been granted a $7 million loan from its parent company by a US bankruptcy judge. The loan will help the bankruptcy process proceed smoothly, and Bittrex plans to repay all customers in cryptocurrency. The judge agreed to the loan due to Bitcoin's specific features, such as its low interest rate and volatility protections. Bittrex filed for bankruptcy after facing regulatory challenges and being charged by the US Securities and Exchange Commission for operating an unregistered securities exchange.

Ripple and other large holders of XRP recently moved a total of 218 million tokens, worth around $81 million, in six different transactions. The majority of the movements were made to exchanges such as Bittrex and Bitstamp, coinciding with a recovery campaign by XRP. One of the transactions involved 50 million XRP tokens, worth $21.4 million, transferred from Ripple to an unknown wallet. However, it was later revealed that the recipient wallet actually belonged to Ripple. Other large holders also made movements, with 168 million XRP moved in five different transactions. These movements coincided with a drop in XRP price, but the asset has since recovered and is currently trading at $0.4303.

Seattle-based cryptocurrency exchange Bittrex has filed for Chapter 11 bankruptcy, citing liabilities and assets in the $500 million to $1 billion range and over 100,000 creditors. The filing comes after the US Securities and Exchange Commission (SEC) charged Bittrex for failing to comply with securities law by not registering with the financial watchdog. The SEC alleges that the exchange took in at least $1.3 billion in illicit revenue between 2017 and 2022.

Oliver Linch, CEO of cryptocurrency exchange Bittrex Global, has pushed back against the US Securities and Exchange Commission (SEC), claiming that the company was not given a clear opportunity to discuss potential enforcement action. The SEC charged Bittrex in April for operating as an unregistered exchange, broker, and clearing agency, and Bittrex Global "in connection with its operation of a single shared order book along with Bittrex."

The U.S. Securities and Exchange Commission (SEC) is “mistaken” in charging crypto exchange Bittrex Global GmbH with breach of local securities law, its Chief Executive Officer Oliver Linch said during a phone interview with CoinDesk on Monday.

In the lawsuit against Bittrex, the SEC insists that DASH, ALGO, TKN, NGC, and OMG are unregistered securities.

The SEC alleged that Bittrex earned over $1.3 billion in revenues from US investors while servicing them as a broker, exchange, and clearing agency without registering with the authorities.