Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
According to a recent press release, the popular cryptocurrency exchange, Poloniex, has agreed to pay a fine upwards of $10 million to the United States Securities and Exchange Commission.
- The release reads that the company has agreed to pay the fine for operating an unregistered digital asset exchange.
- According to the order of the SEC, from July 2017 to November 2019, when Poloniex sold out the platform, it was operating a web-based trading platform that wasnāt registered, despite meeting the criteria of an āexchange,ā as stipulated by the securities laws.
- Moreover, the Commission also found that employees of Poloniex had stated that they wanted the exchange wanted to be āaggressiveā in making new digital assets available on the platform.
- Speaking on the matter was Kristina Littman, Chief of the SE Enforcement Divisionās Cyber Unit:
Poloniex chose increased profits over compliance with the federal securities laws by including digital asset securities on its unregistered exchange. [ā¦] Poloniex attempted to circumvent the SECās regulatory regime, which applies to any marketplace for bringing together buyers and sellers of securities regardless of the applied technology.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.