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The soon-to-be public company is still dealing with Poloniex’s legal woes despite cutting ties in 2019, with securities and sanctions fines to be paid

Circle Financial lost over $156 million on its blockbuster buyout and subsequent jettisoning of the crypto exchange Poloniex, the payments company revealed Thursday.

The company is still dealing with Poloniex’s legal woes despite cutting business ties in late 2019, it said in a regulatory filing published in support of Circle’s move to go public via a special purpose acquisition company (SPAC). Circle has also lined up millions of dollars to settle a previously undisclosed case brought by the U.S. Securities and Exchange Commission (SEC) as well as sanctions violations investigated by the Office of Foreign Assets Control (OFAC) and an “Iranian government agency.”

Circle estimates it will have to pay $1.1 million to $2.8 million to OFAC. Further, Circle has prepared $10.4 million for a settlement offer to the SEC. It does not appear the SEC has brought any formal charges.
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