Poloniex hit with $10M fine over unregistered exchange operations
The U.S. Securities and Exchange Commission had entered into a settlement with Poloniex that will see the exchange pay a total of $10.3 million in fines.
The U.S. Securities and Exchange Commission had entered into a settlement with Poloniex that will see the exchange pay a total of $10.3 million in fines.
Under the Specific Financial Information Act, any exchange operator that continues to operate past the deadline without registering is liable for a five-year jail term.
Records showed banks have been fined $243 billion since the financial crisis a decade ago, with the majority of fines centering on “dirty money” activity.
Australia’s Byte Power Group Limited, which operates the Byte Power cryptocurrency exchange, has received a slap on the wrist by the country’s financial regulators.
Mastercard has been handed a fine of over €570 million ($648.4 million) after it was found to be obstructing merchants from accessing lower fees for cross-border payments, contrary to European Union (EU) law.