Crypto exchange Poloniex has now made a declaration with the U.S. Securities and Exchange Commission for using an unregistered digital asset exchange.
According to the statement made by SEC, some of Poloniex’s available investment products are counted as securities. The SEC additionally added that the Poloniex, which was available to the U.S. investors, also failed to catalog as a national securities exchange or to look for the exception from the listing while in service.
The SEC Enforcement Division’s Cyber Unit chief, known as Kristina Littman, said that the Poloniex evaded SEC policy to make a profit.
SEC Commissioner known as Hester Peirce releases a statement that slams the regulatory body’s decision while noting down the difficulties Polonix can face if it must have attempted to comply with the rules.
The SEC Commissioner also said that she could see why some of the people in the crypto space are unprepared for the sudden regulatory enforcement.