Benzinga - Oliver Linch, the CEO of Bittrex Global, has stated that the cryptocurrency exchange had no chance to discuss a potential enforcement action with the U.S. Securities and Exchange Commission (SEC).
The SEC charged Bittrex in April for operating as an unregistered exchange, broker, and clearing agency. It also charged Bittrex Global "in connection with its operation of a single shared order book along with Bittrex."
Linch claims there was "precisely zero" communication between Bittrex Global and the SEC prior to the notice being issued.
Linch also highlighted the uncertainty that comes with the lack of communication, stating that "You just don't know what's coming next or where it's going to come from or why or how in the U.S."
Also Read: Get Ready For Change: US Government To Ready Crypto Regulations
Bittrex announced plans to wind down its U.S. operations in March and is now regulated in Liechtenstein and Bermuda.
Linch suggests a combination of regulations and regulators as a potential winning recipe for cryptocurrency firms looking to start in the space.
He recommended modeling aspects of the European Union's Markets in the Crypto Assets framework on regulations in Liechtenstein and Bermuda.
However, firms in the U.S. continue to cite the lack of regulatory clarity in weighing whether to move operations outside the country.
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