Bittrex, a Seattle-based cryptocurrency trading platform that generated $US1.3 billion ($1.9 billion) revenue, filed for bankruptcy on Monday after being sued by the US Securities and Exchange Commission (SEC) for allegedly operating as an illegal stock exchange.
In a lawsuit that triggered the bankruptcy filing, the SEC cited Bittrex’s decision to allow customers to trade in crypto tokens issued by Perth-based Power Ledger as evidence that it deliberately avoided regulation.
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correction —
A previous version of this article said Power Ledger’s tokens had fallen 60 per cent over the past five years. It should have said over the past 20 months.
Aaron Patrick was a senior correspondent at The Australian Financial Review.
