Poloniex has wowed the Shiba Inu community with a new trading pair while raising eyebrows with its decision to list the Squid Game token
Poloniex, a veteran cryptocurrency exchange, has announced that its users can now trade Shiba Inu against USD Coin, the second-largest fiat-backed stablecoin.
SHIB/USDC is now live on Poloniex! @Shibtoken 🎉
Link to deposit SHIB: https://t.co/Jay7GyNnwH
Links to trade SHIB:
SHIB/USDT https://t.co/yjm9sESNLx pic.twitter.com/D8wHCnqkVn— Poloniex Exchange (@Poloniex) November 8, 2021
In mid-April, Poloniex listed its first Shiba Inu pair with Tether, the flagship dollar-pegged cryptocurrency. It became one of the first exchanges to do so.
Shiba Inu is now available on such major exchanges as Binance, Coinbase, Bitfinex and OKEx.
Kraken, despite its promise to add the token last month, has indefinitely put off the listing.
Shiba Inu is down 3% over the past 24 hours, while its canine rival, Dogecoin, is up 5%.
Reviving the Squid Game disaster
Poloniex, which used to be the most liquid cryptocurrency exchange in the world, is far past its glory days, despite Tron CEO Justin Sun’s marketing efforts.
Earlier today, the exchange faced criticism from some of its users after listing the infamous Squid Game (SQUID) that left its investors penniless last month, with one Twitter user joking that, next, it should list Bitconnect, the most famous crypto scam.
🆕 Listing: @GoGoSquidGame$SQUID wallets are now open and full trading for SQUID/USDT will be enabled at 10:00 AM UTC today!
Details:https://t.co/ITPekouOcn pic.twitter.com/32Buqw9iIj— Poloniex Exchange (@Poloniex) November 8, 2021
The creators of the token were able to draw in gullible buyers and gain widespread media coverage by stealing the name of the hit Netflix TV series.
Last Monday, the token crashed 99.99% after scammers behind the token walked away with users’ funds attracting even more attention.
Evidently, the “rug pull” did not completely kill the token, with Poloniex moving to list SQUID despite the fact that it has been exposed as a blatant exit scam.
SEC Reaches $10 Million Settlement with Poloniex
Poloniex was accused of operating an unregistered cryptocurrency exchange
The U.S. Securities and Exchange Commission has reached a settlement with Poloniex LLC, the agency announced in a press release this Monday.
The crypto exchange operator must pay a total of $10.3 million in penalties for allegedly disregarding the federal securities laws with its reckless listing policy.
The exchange was accused of violating Section 5 of the Exchange Act by offering digital assets that could be classified as unregistered securities on its platform between July 2017 and November 2019.
According to Kristina Littman, the head of the Division of Enforcement’s Cyber Unit, Poloniex prioritized “profits over compliance” by aggressively listing dubious tokens:
Poloniex attempted to circumvent the SEC’s regulatory regime, which applies to any marketplace for bringing together buyers and sellers of securities regardless of the applied technology.
During the bull run that took place in 2017, Poloniex emerged as one of the top destinations for altcoin trading.
Prominent blockchain company Circle bought Poloniex for $400 million back in early 2018, a move that reportedly helped the exchange to avert SEC charges.
In October 2019, the exchange spun out from Circle to form a new independent venture supported by an unnamed Asian investment group. After initially refuting reports about investing in Poloniex, Tron CEO Justin Sun later admitted that he was indeed involved in the acquisition. The exchange has since been interwoven into the Tron ecosystem despite operating independently.
Circle lost a staggering $156 million on its unsuccessful bet on Poloniex, according to a regulatory filing that was published in July.
Moreover, Poloniex’s legal woes continue to haunt the soon-to-be-public company despite the fact that it discontinued its crypto exchange business. The aforementioned filing showed that Circle attempted to settle the SEC case for $10.4 million.