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, according to a regulatory filing.
Boston-based Circle, which announced earlier this month that it will go public in a $4.5 billion special-purpose acquisition company merger, sold Poloniex in 2019 after acquiring it the previous year, according to a regulatory filing to the SEC earlier this month. Circle recorded a realized loss of $156.8 million on the sale and said the disposal was to “divest from businesses related to speculative cryptocurrency trading” and to “better align” its business with the products it offers.