{"id":10714,"date":"2021-08-09T17:54:17","date_gmt":"2021-08-09T17:54:17","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-fines-poloniex-10-million-for-operating-unregistered-cryptocurrency-exchange\/"},"modified":"2021-08-09T17:54:17","modified_gmt":"2021-08-09T17:54:17","slug":"sec-fines-poloniex-10-million-for-operating-unregistered-cryptocurrency-exchange","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/sec-fines-poloniex-10-million-for-operating-unregistered-cryptocurrency-exchange\/","title":{"rendered":"SEC Fines Poloniex $10 Million for Operating Unregistered Cryptocurrency Exchange"},"content":{"rendered":"<p><strong>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.<\/strong><\/p>\n<h2>SEC Hits Poloniex With Cease-and-Desist Order, Penalties<\/h2>\n<p>The SEC announced Monday that \u201cPoloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange.\u201d<\/p>\n<p>From July 2017 through November 2019, Poloniex \u201cfacilitated buying and selling of digital asset securities.\u201d The SEC explained that the platform was available to U.S. investors but \u201cPoloniex did not register as a national securities exchange\u201d and was not exempt from registration. Its failure to do so was a violation of Section 5 of the Exchange Act.<\/p>\n<p>\u201cPoloniex attempted to circumvent the SEC\u2019s regulatory regime,\u201d said Kristina Littman, chief of the SEC Enforcement Division\u2019s Cyber Unit. \u201cPoloniex chose increased profits over compliance with the federal securities laws by including digital asset securities on its unregistered exchange.\u201d<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>Noting that \u201cThe order establishes a Fair Fund for the benefit of victims,\u201d the SEC detailed:<\/p>\n<p>Without admitting or denying the SEC\u2019s findings, Poloniex agreed to the entry of a cease-and-desist order and agreed to pay disgorgement of $8,484,313, prejudgment interest of $403,995, and a civil penalty of $1.5 million for a total of $10,388,309.<\/p>\n<p>Poloniex is a wholly-owned subsidiary of Pluto Holdings Inc., a Delaware corporation, which is a wholly-owned subsidiary of Circle Internet Financial Ltd. The SEC noted that in November 2019, Pluto sold the Poloniex trading platform to a third party.<\/p>\n<p><em><strong>What do you think about Poloniex paying $10 million to settle with the SEC? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, Circle, crypto exchange, Poloniex, SEC, sec crypto exchange, unregistered exchange, unregistered security<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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, Penalties The SEC announced Monday that \u201cPoloniex LLC has agreed to pay more than $10 million to settle charges for operating&hellip;<\/p>\n","protected":false},"author":0,"featured_media":10715,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10714"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10714"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10714\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10715"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}