Poloniex Making Big Changes

Poloniex, the USA based cryptocurrency exchange announced it is spinning out from its parent company, Circle, and will shut off its U.S. customers.

Poloniex will operate as an independent entity that will be called  Polo Digital Assets, Ltd, and will be backed by an unnamed Asian investment group that plans to spend more than $100M developing the exchange to offer new features, services and assets to global customers . 

Poloniex’s US based customers will not be included in the spin out. US customers will no longer be able to trade starting on Nov 1, 2019, and they will have until at least December 15, 2019, to withdraw their assets.

Poloniex is a leading cryptocurrency exchange with monthly trading volume of $573,140,117. It was launched in 2014. The exchange charges low crypto deposit and withdrawal fees compared to other exchanges, and it currently supports 95 trading assets.

Circle acquired Poloniex for about $400 million in February 2018.

Circle says that they faced challenges as a US company growing a competitive international exchange, and Circle will double down on our efforts to build a more open, global and accessible financial system. This includes significantly expanding the services we offer that are built around USDC, the market’s fastest-growing fiat stablecoin, and expanding and growing SeedInvest, the largest equity crowdfunding platform in the United States.