SEC Settles Poloniex Charges

The Securities and Exchange Commission (SEC) today announced one of the oldest crypto exchange, Poloniex LLC, has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange.

That refers to the period of July 2017 through November 2019 with Poloniex agreeing 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. The order establishes a Fair Fund for the benefit of victims, SEC said.

The exchange is now registered with SEC stating “Poloniex LLC is regulated by the U.S. Security and Exchange Commission and incorporated in the state of Montana.”