The United States Securities and Exchange Commission, or SEC, has charged crypto exchange platform Poloniex for breaching securities trading regulations. According to an announcement by the SEC on Monday, Poloniex offered trading of cryptocurrencies deemed securities to U.S. investors on its platform between July 2017 and November 2019 without duly registering as a securities broker in violation of Section 5 of the Exchange Act. The SEC’s indictment also stated that employees of the exchange actively sought to circumvent securities regulation in a bid to increase the company’s market share. According to the Commission’s enforcement chief Kristina Littman: “Poloniex chose increased …
Hacked cryptocurrency exchange Exmo is not able to recover a large amount of stolen funds as hackers withdrew millions of dollars in crypto through the Poloniex crypto exchange. On Dec. 21, Exmo announced a major hack causing the platform to freeze all withdrawals from the exchange. The United Kingdom-based company now estimates total losses to stand at more than $10.5 million in various digital assets like Bitcoin (BTC), Ether (ETH), Tether (USDT), XRP, Bitcoin Cash (BCH), and Zcash (ZEC). Exmo executives allege that as much as $4 million of totally stolen assets cannot be recovered due criminals withdrawing the funds …
Cryptocurrency analytics firm Messari has added a new index for 10 cryptocurrency exchanges, the company announced in a blog post on March 26. Messari launched a new product dubbed “Real 10 Volumes” on its OnChainFX dashboard to limit its default volume calculations to the chosen exchanges. The “Real 10” trading platforms include Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, and Poloniex. In the post, Messari said that the aforementioned exchanges reported “significant and legitimate trading volumes via their APIs [application programming interface].” The company further revealed that in the coming months it will add other exchanges, adding …
Peer-to-peer payments platform Circle Internet Financial Ltd., is pursuing both a federal banking license with the Office of the Comptroller of the Currency (OCC) and registration as a brokerage and trading venue with the US Securities and Exchange Commission (SEC). The news comes from a Bloomberg report today, June 6. Robert Bench, COO of Circle -- which was partly funded in an investment round by Goldman Sachs -- told Bloomberg that obtaining a banking license would cut down on the amount of regulators the platform needed to work with: “You’re able to have a single conversation. It’s hard to have …
Users of cryptocurrency exchange Poloniex were making complaints about account “freezes” May 27 after completing mandatory new identity verification procedures. Account holders on social media claim that after confirming their identity, they receive notification that they may now continue trading, but their previously-functional account is now blocked. The problems, which Poloniex has not appeared to specifically acknowledge, began the same day the exchange issued notice to users demanding they link their identitity with their account. “We are asking all legacy Poloniex customers who have not provided full identification information in the past to do so now through the Poloniex profile …