Cryptocurrency exchange Bittrex has agreed to pay a $24 million penalty to settle allegations with the United States Securities and Exchange Commission (SEC). The SEC accused Bittrex of offering services to American clients without obtaining the necessary registration. Bittrex shuttered its US operations and filed for bankruptcy protection after the regulator targeted it. The settlement has been called "a good outcome" by the company's co-founder, William Shihara, as it could help US authorities strike a balance between safeguarding investors and promoting innovation.