The U.S. Securities and Exchange Commission (SEC) has fined brokerage Poloniex $10 million for operating an unregistered online digital asset exchange. Accept or reject the SEC petition
Poloniex was founded in 2014 and was later acquired by Circle in 2018 for $400 million. In late 2019, the company spun off from Circle and formed a new company, Polo Digital Assets, by founder Tron.
The US SEC focused on scrutinizing platforms from July 2017 to November 2019. Throughout the period, the US SEC has claimed that cryptocurrency exchanges operate cryptocurrency trading. not registered
The statement further claims that Poloniex wants to secretly add new tokens, choosing from a range of highly profitable tokens. Which is on the list registered. Poloniex also tries to circumvent the oversight from the US SEC.
Circle has set aside more than $10 million to pay the SEC fines since March. Before the company offered to settle the case for $10.4 million.
