Circle, the company behind Poloniex, has decided to sell the exchange, which they have bought for $400 Million back in February 2018.
They bought the exchange at the start of the 2018 bear market.
Circle also had to discontinue its mobile application called Circle Pay, just a few months ago.
The new company that will operate the exchange is called Polo Digital Assets, Ltd., and The Press Release they have published states that it has the backing of a major investment group.
Poloniex has struggled a lot in the recent months, as it was trying to be US regulatory friendly, so it had to constantly delist popular altcoins, which was one of the reasons that the exchange gained popularity in the first place.
The new owners of the exchange will not include US customers anymore, so we can probably expect looser rules, and more altcoin listings.
Current US persons will not be able to create new accounts on the exchange from today, and starting on November 1, 2019, US customers will no longer be able to trade on the platform.
When the trading ends for them, they will have 45 days to withdraw their assets through Circle.
Circle has also stated that the new company will be able to spend more than $100 Million in the coming years, to develop and expand Poloniex.
You can read the full Press Release by clicking here.
Article image courtesy of Poloniex.