- Poloniex closes its trading services for US-based residents
- Poloniex heads towards rebranding
- Poloniex is spinning out from Circle, its parent firm
Cryptocurrency News Today – Poloniex – a very popular digital currency trading platform – just closed its trading services for residents in the United States of America. The trading platform stopped the services on November 1, 2019. This means that residents of the United States would no longer be able to trade, deposit, or buy on the platform. However, the firm had given them until December 15 to move all their assets. Poloniex made the announcement via tweet, which states:
“IMPORTANT: US customers are no longer able to trade on Poloniex. US customers should stop depositing immediately and withdraw their assets by December 15, 2019, from Poloniexus.circle.com.”
The firm has given its customers in the US a grace period of more than a month to withdraw their digital assets from the platform. However, within this period, digital currency traders in the US cannot trade, buy, or make deposits on the platform. The stipulated timeframe is only for them to move their holdings to other platforms or withdraw it to their local accounts.
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Poloniex Initiates Its Plan to Spin Out from Its Parent Firm – Circle
In a series of tweets over the past months, Poloniex had been making some announcements. The digital currency trading platform had been announcing that it would soon be spinning out from Circle. Circle is the parent firm of Poloniex. The trading platform wants to spin out in a bid to innovate for global customers. In one of its recent announcements, the crypto exchange revealed that it is launching a new digital currency trading platform called Polo Digital Assets Ltd.
Poloniex said that its new trading platform, Polo Digital Assets, would be back by a major investment group. Nevertheless, customers in the United States would not be a part of the spin-out.
Poloniex Joins the List of Exchanges Who Excluded US Customers
Circle – a top player in the digital payment industry – acquired Poloniex back in 2018. According to the reports of the deal, Circle bought the digital currency trading platform for about $400 million. The firm made this high-profile purchase in a bid to compete with rivals such as Kraken and Coinbase, two digital currency trading platforms that already have strong foothold in the US.
Despite some regulatory concerns, the platform received informal assurances, according to New York Time’s Nathaniel Popper. Not up to two years down the road, Poloniex rolled out of its parent firm, Circle. The platform was heading for spinning out an all-new trading platform. With the latest move of the firm, it has joined the list of several other digital currency trading platforms that limit their services by excluding US-based users.