And yet it works perfectly when using Powershell version 5. I am using ExchangeOnlineManagement v 3.5.0 in both Powershell prompts. I also included the -Verbose parameter, but this is all the it shows:

VERBOSE: Returning precomputed version info: 3.5.0
VERBOSE: ModuleVersion: 3.5.0

I tried uninstalling and reinstalling the module without any change. Any advice would be appreciated.