Crypto Unicorn Circle Ditches Poloniex Exchange Less Than Two Years After Acquisition

📰 News
Fri, 10/18/2019 - 16:35
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • {{ content.field_content_author|field_value|getauthorname|raw }}

    US residents will not be able to trade on the Poloniex exchange anymore

Crypto Unicorn Circle Ditches Poloniex Exchange Less Than Two Years After Acquisition

In a "bittersweet" Medium blog post, Poloniex has informed its followers that it is spinning out of its parent company Circle. From now on, the exchange will operate as an independent company called Polo Digital Assets that will be backed by an unnamed Asian investment group. 

Because of this move, Poloniex will be able to focus on its international expansion, which couldn't be achieved under the Circle leadership.  

This spin-out will finally give Poloniex the freedom and capital to compete in the international market, and the leadership team of Poloniex will be equipped to scale and grow beyond the scope of what Circle can provide.

This is bad news for the exchange's remaining US customers who won't be barred from trading on the exchange starting from Nov. 1. They are allowed to withdraw their funds until Dec. 15. 

Circle purchased Poloniex for a cool $400 mln back in February 2018, which was the first eight-figure buyout of a crypto exchange.   

The spinout came after the crypto unicorn made an announcement about moving Poloniex to Bermuda due to the anti-crypto sentiment in the US. 

Anthony Pompliano of Morgan Creek Digital predicts that more companies will start leaving the US if there is no regulatory progress.   

Circle CEO Jeremy Allaire has called for more regulatory clarity on multiple occasions, singling it out as one of the main impediments to the industry's growth.     

{{ content.field_content_author|field_value|getauthorname|raw }}

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
Bitcoin (BTC) Dominance Pullback Crashing Altcoins – Is This End of Altcoin Season?

Bitcoin (BTC) Dominance Pullback Crashing Altcoins – Is This End of Altcoin Season?

XRP Price Likely to Reach $0.4-$0.5 on Wave 5, Even If It Slips to $0.23

XRP Price Likely to Reach $0.4-$0.5 on Wave 5, Even If It Slips to $0.23

Bitcoin (BTC) Dev Jimmy Song Doesn't Mind Altcoins Crashing 70 Percent, Here's Why

Bitcoin (BTC) Dev Jimmy Song Doesn't Mind Altcoins Crashing 70 Percent, Here's Why