Unlicensed cryptocurrency exchange pays a fine of about 1.1 billion yen to settle with the Securities and Exchange Commission



Poloniex, an online trading platform for digital asset securities that was accused of 'operating an unregistered online digital asset exchange' by the US Securities and Exchange Commission (SEC), is about $ 10 million. ) Announced that they have agreed to pay a fine.

SEC.gov | SEC Charges Poloniex for Operating Unregistered Digital Asset Exchange

https://www.sec.gov/news/press-release/2021-147

Poloniex is a cryptocurrency exchange launched in 2014 and was acquired by Circle , which operates an online payment platform for $ 400 million in 2018. Circle announced its listing on the New York Stock Exchange in July 2020 and announced a merger with Concord Acquisition, a special-purpose acquisition company.

According to a SEC survey, Poloniex was a stock exchange between July 2017 and November 2019, despite meeting the 'stock exchange' criteria defined by the Securities and Exchange Act. It was said that it offered trading of virtual currency and securities to investors without registering.



In May 2021, Poloniex was pointed out by the Ontario Securities Commission (OSC) of Canada as 'operating an unregistered trading platform' and was alleged to comply with the Ontario Securities and Exchange Law. I did.

'Poloniex chose to increase profits over federal securities law compliance by including securities of digital assets on unregistered exchanges,' said Christina Littmann, SEC executive cyber unit chief. We were trying to circumvent the SEC regulations that apply to the market that connects sellers and buyers. '

Poloniex did not accept or deny the SEC's findings, and responded to the order to suspend the trading platform with a fraudulent gain of $ 8,484,313 and $ 403,995. Agreed to pay a total of $ 10.388309 (about $ 1.15 trillion), including pre-judgment interest and a $ 1.5 million fine. The fines paid will set up a fund for victim relief, the SEC said.



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