Are you involved in cryptocurrency? Here’s what you need to know about SEC registration requirements!

The Securities and Exchange Commission (SEC) has made it clear that companies dealing with digital assets and cryptocurrencies need to register with them. The agency has recently settled charges against Poloniex, a digital asset trading platform, for failing to register its services with the SEC. The SEC’s message is that even if a company is dealing with digital assets or cryptocurrencies, it still needs to comply with federal securities laws.

The settlement order states that Poloniex was acting as an unregistered “digital asset exchange.” Poloniex agreed to pay a $10 million penalty to settle the charges. In addition, the company will have to cease and desist from committing any future violations.

The SEC has been increasing its scrutiny of the digital asset industry. The agency has been sending subpoenas to cryptocurrency exchanges and ICO issuers to collect information and investigate potential violations. The SEC’s focus on registration requirements is an indication that the agency is taking a hard line against companies that are not complying with federal securities laws.

Companies dealing with digital assets and cryptocurrencies need to be aware of the SEC’s registration requirements. Failure to comply with these requirements can result in significant penalties and legal consequences. It is important for companies to consult with legal counsel to ensure that they are in compliance with federal securities laws.