Skip to main content

Like cryptocurrencies themselves, settling some but not all allegations of wrongdoing in advance of going public is all the rage these days. Just ask cryptocurrency operator and erstwhile crypto exchange operator Circle Internet Financial.

Cryptocurrency operator Circle Internet Financial Ltd. said it has set aside more than $10 million to settle a case brought by the U.S. Securities and Exchange Commission against Poloniex LLC, its discontinued crypto exchange business…. In the filing, Circle also disclosed it is being investigated by the U.S. Treasury Department’s Office of Foreign Assets Control, which enforces U.S. sanctions. Circle said that in 2019 it received administrative subpoenas from OFAC and an Iranian government agency, looking into possible violations related to Poloniex registered exchange accounts for people in embargoed jurisdictions and for processed transactions that may have violated sanctions.

That means its ready to do something even cooler than trade cryptos and cut novelty-sized checks to regulators—go public via special-purpose acquisition company.

A company still in the crypto exchange game isn’t quite ready to go public just yet, but when it does, it certainly hopes to get more than the $4.5 billion Circle managed.

Cryptocurrency exchange FTX has raised money at an $18 billion valuation…. FTX raised $900 million in a new funding round that closed Tuesday. Participants in the round included Japanese technology investor SoftBank Group Corp. , Silicon Valley venture-capital firm Sequoia Capital and Third Point, the hedge fund led by billionaire Daniel Loeb, FTX said.

Circle Sets Aside $10.4 Million to Settle SEC Case on Poloniex [WSJ]
Crypto Exchange FTX Valued at $18 Billion in Funding Round [WSJ]

For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.


(Getty Images)

SEC Upgrades Interest In SPAC Boom From ‘Passing’ To ‘Nearly Interrogatory’

It has some questions for some banks that they can choose whether or not to answer, for now.


WeWork’s Dream Of Going Public Is About To Come True

All it took was changing everything about itself, an 80% valuation haircut and Shaq.

danske bank

There Is At Least One Law Danske Bank Hasn’t Broken

How many it has, and how much it will cost, remains unclear.


SEC Drags GameStop Wash Traders For Dirty Deeds

There was at least one thing you allegedly couldn’t do during the madness.

grumpy cat

Got A Startup Starting With The Letter ‘B’?

Today’s your day to dance with the SPAC of your choice.

dripping pipe

Blocked Pipeline Opens Up

The SPAC deal pipeline, of course. Whatever did you think we meant?