Cryptocurrency Exchange Circle Has Sold Poloniex to a New Owner

Circle Has Sold Poloniex to a New Owner

Follow Us on Social Media

Follow Us on Social Media

Circle, the company behind Poloniex, has decided to sell the exchange, which they 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.

Kraken banner with the text

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.

Kraken banner with the text

Article image courtesy of Poloniex.

Latest News

Why Payment Giants Can No Longer Ignore Crypto

As time goes on, payment companies are starting to take crypto more seriously. Read our timeline to see what it took to get to this point.

Bitstamp to List Stellar With Fiat Trading Pairs

Bitstamp, the world's longest-standing cryptocurrency exchange, has added Stellar to its platform.

Verizon Partners With Google

Telecommunications company Verizon partners with the search engine giant Google by giving Verizon fiber customers a free Google Stadia.

Highest Rated Exchanges