Poloniex agrees on $10m fine to settle charges
The Securities and Exchange Commission released a press release on Monday stating that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange.
Poloniex sold securities as an unregistered exchange
Poloniex was founded in 2014 and acquired by Circle in 2018 for $400 million. At the end of the company, it was spun off and a new company was formed called Polo Digital Assets.The SEC focuses on the period between July 2017 and November 2019 and alleges that the exchange sold digital assets that were securities - even though the exchange was not registered to do so during that time.
Because Poloniex was not registered as a national securities exchange at that time, the exchange's conduct violated Section 5 of the Exchange Act.
"Poloniex chose increased profits over compliance with the federal securities laws
The statement of the SEC also explains that in or around August 2017, Poloniex employees said internally that they wanted Poloniex to "move aggressively" in making new digital assets available for trading on the Poloniex trading platform, including digital assets that could be classified as securities, in order to increase market share."Poloniex chose increased profits over compliance with federal securities laws by including digital asset securities on its unregistered exchange," said Kristina Littman, head of the cyber unit at SEC Enforcement Division
While the exchange neither admitted nor denied SEC's findings, Poloniex agreed to the issuance of a cease and desist order and agreed to pay $8,484,313, $403,995 in prejudgment interest and $1.5 million in civil penalties, for a total of $10,388,309. The order provides for the establishment of a Fair Fund for the benefit of victims.
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