SEC Fines Poloniex $10 Million for Operating Unregistered Cryptocurrency Exchange. The U.
10 Aug 2021, 08:00
SEC Fines Poloniex $10 Million for Operating Unregistered Cryptocurrency Exchange
The U.S. Securities and Exchange Commission (SEC) has charged Poloniex with operating an unregistered cryptocurrency exchange. Poloniex has agreed to a cease-and-desist order and to pay $10.34 million.
SEC Hits Poloniex With Cease-and-Desist Order, PenaltiesThe SEC announced Monday that "Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange."
From July 2017 through November 2019, Poloniex "facilitated buying and selling of digital asset securities." The SEC explained that the platform was available to U.S. investors but "Poloniex did not register as a national securities exchange" and was not exempt from registration. Its failure to do so was a violation of Section 5 of the Exchange Act.