POLONIEX SPINS OUT FROM CIRCLE

Updated: 10/22/2019 07:33
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poloniex spins out circle
Poloniex reports spinning out from Circle as well as removing US customers from the service, being transformed into Polo Digital Assets, Ltd.
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Poloniex reports spinning out from Circle as well as removing US customers from the service, being transformed into Polo Digital Assets, Ltd.

Poloniex, a popular cryptocurrency exchange, owned by Circle, will exit and transform into a company called Polo Digital Assets, Ltd. Circle simply cannot provide what Poloniex needs to grow and develop further.

The goal here is for Poloniex to "to focus on the needs of global crypto traders with new features, assets and services," the blog post said on this subject. To simplify the registration process, starting from October 21, the platform will offer 0% commission for spot trading until the beginning of 2020. From there, it plans to continue working "with highly competitive and creative pricing models for traders."

The customer newsletter says that $100 million will be spent next year to improve its platform and expand its operations around the world. These funds came from a group of Asian investors. But American traders will be asked to leave the site. "Starting on November 1, 2019, US customers will no longer be able to execute trades on the exchange. When trading ends, US customers will still be able to withdraw their assets through Circle until at least December 15, 2019."


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