US SEC and Poloniex agree $10M settlement

The US Securities and Exchange Commission has reached an out-of-court settlement with Poloniex after the cryptocurrency exchange was convicted of offering an unregulated digital assets trading platform between July  2017 and November 2019.

According to the SEC, Poloniex violated Section 5 of the Exchange Act by trading digital assets including investment contracts which are categorized as securities.

The US SEC accused some of Poloniex’s employees of aggressively calling for a digital assets trading platform to be integrated into the existing system.

There were also suggestions that the exchange company which was a subsidiary of Circle Financial knew its actions were illegal but still it continued to use its platform to facilitate digital assets trading.

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