A settlement trade is a margin trade that is made on your behalf. The revenue generated from settlement trades are used to repay outstanding debts through the lifetime of the position, or during the closure of a position. Common settlement trades include loan interest repayment to lenders.
Why did Poloniex pay $10 million?
The Securities and Exchange Commission today announced that Poloniex LLC has agreed to pay more than $10 million to settle charges for operating an unregistered online digital asset exchange in connection with its operation of a trading platform that facilitated buying and selling of digital asset securities.
Is Poloniex an “exchange?
According to the SEC’s order, the Poloniex trading platform met the criteria of an “exchange” as defined by the securities laws because the trading platform provided the non-discretionary means for trade orders to interact and execute through the combined use of the Poloniex website, an order book, and the Poloniex trading engine.
What was Poloniex’s settlement with the SEC?
Without admitting or denying the SEC’s findings, Poloniex agreed 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.
What does the SEC’s order to Poloniex mean for digital assets?
The SEC’s order further finds that in or around August 2017, Poloniex employees stated internally that they wanted Poloniex to be “aggressive” in making available for trading new digital assets on the Poloniex trading platform, including digital assets that might be considered securities under the Howey test, in an effort to increase market share.
Is Poloniex a safe exchange?
Poloniex is one of the oldest and most trusted crypto exchanges in the industry! Founded in 2014, security, new features, and user interface are some of our top priorities.
Is Poloniex still in business?
However, in December 2019, it shut down its services to U.S. users, though it's still accessible by users outside the U.S. At its core, Poloniex is a digital asset exchange. It provides a platform for trading cryptocurrencies, non-fungible tokens, and crypto futures if your country allows access.
What happened Poloniex exchange?
Popular cryptocurrency exchange Poloniex recently announced that it will be shutting down US operations and no longer providing services to US users.
How do you earn from Poloniex?
Staking on Poloniex offers customers a simplified way to earn rewards by depositing and holding assets in their account....When you stake your assets on Poloniex, you earn rewards with:No opt in required.No lock-up period for your funds.The freedom to trade, deposit, and withdraw at any time.Highly competitive returns.
Who owns Poloniex now?
On February 26, 2018, Circle announced that they purchased the Poloniex cryptocurrency exchange for $400 million.
Has Poloniex ever been hacked?
The exchange was hacked in 2014, and hackers stole approximately $4 million in assets. In response, the exchange reduced customer account balances by 12.3%. This is a serious issue and could be reason enough to avoid Poloniex. In addition, it was hacked again in 2020.
How do I withdraw money from Poloniex?
How to WithdrawTap on the Wallet > Withdraw.Select the asset you wish to withdraw.Enter the amount you wish to withdraw.Select the network you wish to withdraw with.Enter the destination address, and/or additional payment ID.Enter your login password to confirm.More items...
Where is Poloniex based?
Poloniex General Information Provider of a cryptocurrency exchange platform based in Boston, Massachusetts. The company's cryptocurrency exchange platform facilitates users to trade, store and exchange through cryptocurrency unitsm, enabling traders to trade securely on an active digital asset exchange.
Can US people use Poloniex?
ANY CITIZEN OR RESIDENT OF THE UNITED STATES OR A RESTRICTED TERRITORY IS STRICTLY PROHIBITED FROM ACCESSING OR USING POLONIEX.
Can I short on Poloniex?
If you buy, you are opening what is called a long position. If you sell, you are opening a short position. Note that as you continue to trade, your position may change; for example, if you open a short by selling 300 XMR, but then buy 600 XMR, your short will become a long.
What countries can use Poloniex?
Poloniex customers will be able to purchase crypto using credit and debit cards through Simplex in any country besides the following countries listed: Afghanistan, American Samoa, Antarctica, Botswana, Bouvet Island, Christmas Island, Crimea, Cuba, Democratic Republic of the Congo, DPR Korea (North Korea), French, ...
How do I buy and sell on Poloniex?
Open the Poloniex app on Android or iOS and log in. Select Markets on the bottom navigation and then choose from the list the trading pair you wish to trade in. 2. After selecting the trading pair, you will see the Trade page where you can place your order.
Is Poloniex an American company?
Poloniex is located in Wilmington, Delaware, United States . Who are Poloniex 's competitors? Alternatives and possible competitors to Poloniex may include Binance.US , Bitcoin Vietnam , and Volabit .
Where is Poloniex based?
Poloniex General Information Provider of a cryptocurrency exchange platform based in Boston, Massachusetts. The company's cryptocurrency exchange platform facilitates users to trade, store and exchange through cryptocurrency unitsm, enabling traders to trade securely on an active digital asset exchange.
Where is Poloniex registered?
Poloniex, LLC is incorporated in the state of Montana. For financial reporting, their fiscal year ends on December 31st. This page includes all SEC registration details as well as a list of all documents (S-1, Prospectus, Current Reports, 8-K, 10K, Annual Reports) filed by Poloniex, LLC.
Does Poloniex require KYC?
Some platforms like Poloniex are now starting to offer non-KYC accounts called Level 1 accounts that do not require any form of identification other than a registered email address and password.